What role is Blockchain technology playing in fossil fuel’s transition to renewables?

How blockchain can help the transition to renwables

The German electricity sector is to stop using coal which is one of the most damaging ways to create electricity for the environment, by 2038 it is also looking to stop using nuclear power stations by 2022 as it tackles climate change. In turn Germany is increasingly becoming more reliant on micro renewable generation such as wind or solar plants. This presents a challenge as by their nature they produce small amounts of power and are reliant on sunshine or windy weather. Germany is finding, like many other countries, as they weed themselves off electricity generated from fossil fuels in a centralised structure, the power girds of tomorrow need to be more local not national in terms of moving power around.

As countries weed themselves off fossil fuel what role is Blockchain technology playing

Blockchain-powered platforms are able to track and trace where power is needed, produced and then make appropriate payments. This is vital where Peer2Peer electricity generation is playing an increasing role, as if micro generation power suppliers get more for the electricity they create this ought to lead to a better return on the capital expense of installing wind and solar generating facilities and so encourage more investors therefore, reducing a nations reliance on coal and natural gas. An example of firm helping bring about change in the German electricity power supply is Lition whose energy platform claims to be the world’s first P2P mass market energy trading platform. It already supplies green energy to customers in over 1000 cities across Germany.

Meanwhile Japan according to the World Economic Forum is a global leader in floating solar power as it looks to reduce it dependence on imported fossil fuels. The biggest Japanese floating solar plant sits behind the Yamakura Dam, with 60,000 panels powering 5,000 homes which saves 8,000+ tonnes of CO2 a year. Following the nuclear power station disaster at Fukashima in March 2011, renewable energy now accounts for approx. 20%, and rising, of Japan’s energy needs Tokyo Electricity power Company has recently announced a partnership with Itochu to build a Blockchain -powered platform to trade surplus electricity, enabling Japanese home owners to trade electricity with each other. The intention is to track electricity using Blockchain technology and Artificial Intelligence (AI) to sell a home’s excess power to other homeowners.

Thus we can see Blockchain technology is helping  countries reduce their dependence on fossil fuels as nations try and meet their climate change obligations.

#Blockchain #renewable #Economy #Environment #Climatechange #Nuclear #transparency #solar #German #Japan #CO2emissions #Electricity # Bought to you by Digital Bytes if you would like to receive Digital Bytes weekly please email Jonny.Fry@Teamblockchain.

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