The link between centralized energy systems and climate change is quickly becoming a topic of debate and investigation. A problem of this size is bound to elicit a slew of proposed solutions, including distributed energy resources, renewable energy sources, and blockchain peer-to-peer energy trading.
The blockchain solution is not a quick fix for these issues, but it has the potential to help. Blockchain is most commonly associated with cryptocurrencies and Bitcoin miners, but it can also be used in the trading of energy.
Great projects are now providing energy via blockchain, tokens, and other means. Elan Future introduces game-changing products that will revolutionize the energy sector and improve people’s lives on a global scale by providing energy at a fraction of the cost.
The benefit of the P2P trading system is that energy consumers will be able to choose where they buy their power. They could, for example, specify the type of power source (renewable, etc.) and the company from which they buy (independent, large, government, etc). They can also see real-time prices, allowing them to make more informed purchasing decisions. Because the system would be mostly automated, consumers’ costs could be reduced by removing “middlemen” and “power brokers.”
That is why I believe blockchain is a revolutionary technology that is still in its early stages but will have a significant impact on many different industries very soon.