How Can Blockchain Tech Give The Power Back To The People? [infographic]

Globally, more than eight in ten people believe the world should be fully powered from renewable sources. While the technology is certainly available and has been for several years, implementation has been slow. Renewables make up just 3% of worldwide energy sources, while oil and coal at 33% and 28% respectively still dominate the market. So where is the disconnect? Technology gives us the potential for change, but market standards get in the way of making that change a reality.

In 2018, the options for green energy and even generating our own household energy have never been brighter. Solar electric systems are one of the most useful for homes, the panels fitting snugly and discreetly along rooftops and offer enough power to supply electricity to a home or office. Wind electrical systems are the favorite for windier climates and are cost-effective for homes, farms, and even ranches to assist in water pumping and electricity generation. A hybrid wind and solar electric system optimizes power generation using the sources both wind and solar at peak times during the day and night. Still, these projects remain prohibitively expensive for most individuals, families, and businesses, but we can hope to make up for the inaccessibility through other means. One study even found that your utility company’s rate structures can diminish the value of installing solar panel system.

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Little things like forgoing plastic straws and reusable grocery bags give us all an opportunity to do our part, but sadly when it comes to our home energy needs, not everyone can choose to go green. The current climate, so to speak, of utility-structured electricity prevents many homes and even entire neighborhoods from being able to choose their power source. Regulated markets make it possible for power companies to operate as a monopoly, controlling the generation, distribution, infrastructure maintenance, and billing of energy. Corporations have the power to raise prices at will, despite their already high profit margins. Even “certificates” are used to market coal and other dirty energy sources as green energy, essentially lying to consumers and minimizing the real environmental effects. More than one in four people believe that it’s individuals who have a responsibility to take the lead on energy issues, but given the current economic situation of energy consumption, it’s easier said than done.

The very same tech behind the success of cryptocurrency is making big moves in countless other industries, and next on Blockchain’s radar is green energy. A concept known as the Blockchain Smart Grid is the potential foundation of a consumer-based energy market. Much like how Bitcoin and Ethereum are influenced by their consumer markets, the same principle can be applied here. Capable of tracking and connecting a network of electricity generation, especially from renewable sources, customers can choose the options of power sources for a rate that works for them. Instead of every home installing their own solar panels, the smart grid can encourage communities to completely rethink how they use energy as a community-wide effort that can really make a difference. Peer-to-peer sharing, supply and demand, and less wasted energy puts the power, no pun intended, back into the hands of communities. Blockchain interactions in this context work like a sort of energy stock exchange where consumers purchase energy at variable rates, the costs of which are based on the market instead of monopolized agencies.

As digital and environmental technologies evolve, so too does the relationship between the two. Take a look at this infographic for more on the state of global energy consumption and how blockchain tech can influence big change by giving the power to the people.

Giving Power To The People With Blockchain - infographic

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