Can Blockchain technology decrease fossil fuel dependency?

Blockchain-powered platforms have the ability to track and trace electricity from micro generation plants that use solar and wind power and so reduce our reliance on fossil fules.

This website from Gridwatch shows in real time how electricity is being generated in the UK

Great to see renewables i.e. solar, wind and biomass was responsible for over 50% of the UK energy generation

In Australia PowerLedger is using Blockchain technology to enable Peer 2 Peer power (P2P)sharing

International Energy Agency (IEA) claim 2.8 billion have insufficient power much of which could be supplied by micro electricity generation

Microgrids that harness local renewable sources such as solar and wind are expected to reach an annual market value exceeding $1.2 billiona. globally by 2028 according to a report from Navigant Research in a new study that claimed the compound annual growth rate is projected at 67.8% for microgeneration.

Ernst & Young predicts that the data administration of electricity costs may soon exceed the cost of electricity itself and believes Blockchain technology can help reduce many of these costs for power companies

Blockchain-powered platforms enable the tracking of P2P energy and so instead of selling electricity to a countries National Grid it is possible to sell electricity direct to a user at a higher price. This results in the time it takes to pay for the installation of a solar or wind powered micro generation facility reduces so encouraging more people to invest and LESS fossil fuels being used

However, as Micro generation from renewable energy increases who pays the cost to maintain and run a countries electricity infrastructure?

More about Irish Tech News and Business Showcase here

FYI the ROI for you is => Irish Tech News now gets over 1.5 million monthly views, and up to 900k monthly unique visitors, from over 160 countries. We have over 860,000 relevant followers on Twitter on our various accounts & were recently described as Ireland’s leading online tech news site and Ireland’s answer to TechCrunch, so we can offer you a good audience!

Since introducing desktop notifications a short time ago, which notify readers directly in their browser of new articles being published, over 30,000 people have now signed up to receive them ensuring they are instantly kept up to date on all our latest content. Desktop notifications offer a unique method of serving content directly to verified readers and bypass the issue of content getting lost in people’s crowded news feeds.

Drop us a line if you want to be featured, guest post, suggest a possible interview, or just let us know what you would like to see more of in our future articles. We’re always open to new and interesting suggestions for informative and different articles.

Contact us, by email, twitter or whatever social media works for you and hopefully we can share your story too and reach our global audience.

Irish Tech News

If you would like to have your company featured in the Irish Tech News Business Showcase, get in contact with us at [email protected] or on Twitter: @SimonCocking