What is today’s world without the constant supply of energy resources? Pretty unimaginable right? Well, one sure thing here is that the world is always in need of energy to stay on top of its many commercial and industrial processes. Even more, it’s almost impossible to live a comfortable life without the availability of electricity and other energy resources. Of course, some of the most basic uses of energy include washing clothes, watching television, running household appliances, heating and lighting the home, cooking and more. We use energy for virtually everything!
So what’s happening in today’s global energy market?
Well, for one, this sector is said to be worth $2 trillion. And of course, there are quite a few key players that are in charge of the market’s dynamics. For the most part, these corporations emphasize higher energy production levels with the aim of getting more profits. That said, one can easily tell that the consumer’s role here is to keep subscribing for energy services regardless of the cost. In essence, they have little to no say in both the generation and distribution of energy resources.
Now, the big question is, “how can power change hands?”
Well, it’s pretty simple — Just enter blockchain technology! With this technology, the energy industry will experience a huge paradigm shift in both the supply and distribution of power. In other words, the energy sector will no longer be centralized — it’ll rather become a decentralized peer-to-peer trading market. So yes, blockchain technology can transform electricity into a tradeable asset that can either be held or traded at will. What’s more, consumers will get to enjoy some of the many perks of the blockchain including trust, transparency and low transaction costs. And since energy will no longer be controlled by centralized authorities, customers will get to enjoy variable electricity rates. The bottom line; blockchain technology can disrupt the energy market in more ways than one.
The good news? We already have quite a number of blockchain-based companies that are looking to revolutionize and decentralize the energy sector. And of course, this article will let you in on five of the best solutions right now.
Let’s get to it!
Tired of the stranglehold energy corporations have over the market? If yes, you’re probably looking for a way out of the oligopolistic nature of the current system. Well, Power Ledger is one company that’s set to decentralize the renewable energy market. Essentially, this Australian based peer-to-peer energy trading platform places the market in the user’s hands. In other words, they’ll be able to buy and sell unused renewable energy without interference from central authorities, middlemen and the likes. Of course, all transactions, amount of energy generated and consumption will be recorded on the blockchain. In essence, everything will be automated, trustless and highly secure.
For the most part, Power Ledger gives token holders the opportunity to sell excess renewable energy to other consumers in exchange for tokens. Yes, when we say customers, it could actually be your next-door neighbors. It’s good to point out that Power Ledger make use of two types of tokens namely POWR tokens and Sparkz. In addition to peer-to-peer trading, the platform supports electric vehicles, wholesale market settlement, and carbon trading. And it’s good to know that these applications are already deployed in certain communities and energy markets throughout the world. All in all, Power Ledger is a promising peer-to-peer energy trading platform that’s sure to revolutionize the industry.
Next up is this cryptocurrency that’s linked to solar energy or better still, backed by the sun. Launched in 2014, SolarCoin is a free coin that rewards those who own solar electricity production systems. As with other coins, SolarCoin is based on blockchain technology. And of course, it’s made to reward 1MWh of solar electricity that’s generated via the use of SLR. For the most part, this coin is designed to generate solar electricity with SLR usage for the next 40 years. As you probably expected, all transactions with SLR are run on encrypted blockchain technology. In essence, users will get to enjoy private and cost-effective transactions — no third party involved. It’s however important to note that the third party may come into play when awarding MWh.
Moving forward, you should be aware that the amount to be generated in the next 40 years is set at 97,500 TWh. And to sum it up, SolarCoin can only be used by people who have solar panels installed on their property. Remember, the coin is backed up with solar energy — support and promote the movement today!
GENERcoin is yet another blockchain-based solution that’s looking to promote the use and sustainability of renewable energy. So GENERcoin is basically a cryptocurrency that’s created to help sustain the planet using sustainable biofuels. Essentially, GENERcoin is supported by energy outputs purchased from facilities like Arterran Renewables. And of course, this green energy can then be sold to wholesale distributors and end users.
The big idea here is to limit the use of non-renewable energy sources — basically, the ones that have a negative impact on the earth. For the most part, GENERcoin is aimed at reducing our dependence on thermal coal for electricity. With Arterran’s Renewables NextGen Solid Biofuel and GENERcoin, we’ll be able to generate sustainable energy that’ll last for years to come. A truly remarkable project that’s worth checking out.
Next up is Electron — a blockchain-based company that’s set to deliver efficient and flexible systems to revolutionize the industry. Essentially, Electron is looking to take full advantage of opportunities presented by the rapid changes in the energy market. As you probably expected, Electron harnesses the power of the blockchain to develop smart and collaborative solutions that can deliver better outcomes for all. Of course, the platform will ensure decentralization and allow for convenient peer-to-peer transactions — it’s more like a dream come true for prosumers. Even better, Electron aims to provide these benefits to users at the lowest possible cost. So of course, just about anyone can participate and start taking charge of their energy supply. To sum it up, Electron seeks to drive results via decarbonization, decentralization, digitization, and democratization. Be sure to check out their site to learn more about the project and its solutions.
Still looking for a platform that offers transparency, traceability, digitization, decarbonization, decentralization and democratization? If yes, check out Suncontract! This platform comes with a simple purpose — it allows you to buy and sell electricity at your own pace. As a blockchain-based energy exchange platform, Suncontract brings together regular power producers and consumers for smart and efficient transactions. In essence, power will be owned and controlled by private individuals. Of course, on Suncontract, homeowners can easily join and start buying electricity from whoever they want! No central authorities, no middlemen — trustless and fully decentralized.
What’s more, Suncontract gives you the opportunity to cut cost and save more. In essence, you can pick the price that actually works for you. It’s no longer like the past where you pay what you’re told — now you have a choice. All in all, one of the best platforms that is sure to solve many of today’s challenges in the energy sector.
Summing it up from top to bottom, we can see that there are countless benefits to tokenizing the energy market. In essence, blockchain technology can disrupt the energy sector and deliver much better outcomes for customers. And if you’re ready to join the movement, we’ll recommend you start with our top five picks. It’s about time to take power and energy into your hands!