There has been an immense amount of buzz for blockchain in the energy sector.
Many startups made the most of the technology’s potential in the utility market last year, entering the blockchain-in-energy space and raising millions via token sales in the process. On the back of this, we want to explore how blockchain can be utilized to redefine current electricity systems.
The EPA reports that the number one source of U.S. greenhouse gas emissions is the electricity produced by burning fossil fuels, causing an expensive and damaging aftermath. The lack of accessibility to energy in the developing world is also a severe issue, with more than a billion people globally still living without electricity.
Blockchain could be the solution to these issues. New blockchain systems can make decentralized solar power more accessible, adaptable and affordable. The security of blockchain can also cut out the middleman, the utility in this case, and enable neighbours to trade clean energy.
Companies like Energi Mine are combating the issue of excessive energy use by creating a blockchain-based rewards system, which utilizes their ETK digital token to incentivize people to consume less energy. This enables users to earn money for reducing their carbon footprint, as these tokens can be redeemed to pay for energy bills, or to recharge their electric vehicles.
With recent figures highlighting that investors are putting $300 million in crypto energy investments, and 122 companies developing blockchain energy tools – it is certain that blockchain will continue to transform the energy sector. It is hoped that the use of blockchain technology, and the reinvention of the energy industry will motivate new levels of climate action and environmental awareness among the population.
Where We Fit In
Industry 4.0 will create substantial efficiencies for companies all over the world. However, a lack of device security and standardized data exchange makes implementation difficult. The Augmate Connect Infrastructure Platform plus IOTA’s blockchain-less tangle and micropayment approach unifies the tools and processes for the fourth industrial revolution. This is accomplished through secure transactions that aggregate and create accessible (yet tamper-proof) records.
Click the link here to read more about our unique platform, and how it can help your company engage with the fourth industrial revolution.