As concerns about global climate change continue to intensify, a basic question remains: How can we effectively implement renewable energy? Solar panels are becoming more and more efficient, and many communities-even in areas you don't usually think of-are looking for the advantages of renewable energy such as solar, wind, and hydropower.
However, although more and more people are turning their attention to renewable energy as a key component of sustainable development and responsible consumption, this may not be enough. Recently, the International Energy Agency (InternaTIonal Energy Agency) announced that the growth rate of renewable energy is not sufficient to achieve climate goals. Although the International Energy Agency predicts that by 2040 renewable energy will account for 18% of the world's total energy, this is still far below its ideal sustainability target of 28%. Can blockchain technology provide a solution for the wider adoption, use and integration of renewable energy in a more flexible way?
A centralized system
In the current state, there are many problems that plague the power grid that is already in place. First, one of the biggest flaws is the centralization of the power grid. It's like having a centralized system doesn't seem like a flaw in the beginning, does it?
Considering the events that have occurred in recent years, the problem of centralized power grids has now become apparent. If we focus on Puerto Rico after Hurricane Maria, or Melbourne, Australia after the last continuous heat wave, we will observe these effects more closely. In these two accidents, thousands of residents lost electricity due to grid failure. In both cases, the system will fail regardless of the source of energy, because the failure is due to the centralization of the system and its lack of flexibility and adaptability. Centralized system also means centralized failure.
Decentralized network
Although there are various solutions to the current problem of how the government handles energy networks, perhaps the most prominent answer comes from those who call for decentralization. Laurie Guevara-Stone works at the Rocky Mountain Institute and focuses on the renewable and sustainable energy issues of the global future. Laurie Guevara-Stone talked about why decentralized systems can better respond to growing concerns in an article in "Green Business" magazine.
"However, although many methods to improve the reliability and resilience of the grid are focused on strengthening and strengthening the important but weak nodes in the system, there is a better way: to decentralize the grid through distributed energy. The less centralized a system, the more Large-scale failures are not prone to occur. This is a fact that many countries are taking action. “When the community’s electricity and methods of obtaining electricity no longer rely on centralized resources, the power grid’s resilience will be greatly enhanced, and we may one day be able to fully Avoid power outage problems. "
Why choose blockchain?
As a rapidly expanding technical field, it is not surprising that blockchain technology is a unique solution to problems in the energy field. Due to the inherent focus on decentralization and distributed networks, one can plausibly say that blockchain technology is built specifically for this kind of application.
The government can use blockchain technology to start building its own distributed power grid. Through the distributed system, local areas can experience greater flexibility, adaptability and reliability from the grid. In fact, there are already examples of this method in the real world.
For example, the Eloncity model, supported by the non-profit organization AI Grid FoundaTIon, recently raised $20 million in funding for the renewable energy initiative and hopes to use this funding to make a difference. The Eloncity model uses blockchain technology and renewable energy to achieve a more sustainable future. In order to ensure a healthy future for the energy sector, Eloncity is providing blockchain-based implementation methods for microgrids and energy transmission.
In fact, the Eloncity model has been implemented. In San Juanico, Baja California, Mexico, the foundation is creating a sustainable way for local communities to obtain energy and improve energy transmission capabilities. This new plan is to build a distributed microgrid network to provide a more efficient and responsible model for energy transmission and consumption.
Another example of using blockchain technology in the field of renewable energy is Swytch. The Austin-based blockchain startup is taking a different approach, focusing on rewarding those who use energy responsibly and produce renewable energy on their own.
The Swytch team did not build infrastructure for more resilient renewable energy, but "used blockchain to track, verify, and reward sustainability."
The idea is to create financial incentives for individuals and businesses to adopt more responsible energy and reduce their dependence on fossil fuels. The theme of financial incentives also applies to governments that want to implement more sustainable energy systems.
Like Swytch and Eloncity, the government can use distributed energy systems to fight power monopolies in specific areas. If there are financial incentives, large-scale power companies will be able to take power in their hands for more responsible energy consumption, and it is only a matter of time before this goal is achieved.
As the field of renewable energy continues to grow, communities, individuals, and governments are all looking for suitable methods to implement reasonable promotion strategies. With the emergence and implementation of blockchain technology, we may see this sooner or later. There are two aspects to be addressed in the future of the energy industry: sustainability and resilience. By combining blockchain technology with renewable energy, the industry will achieve these two goals in the near future.
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