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Blockchain in the energy sector

Use cases for blockchain in the Energy Sector

By Timo
Published 5 months ago

With the uprise of bitcoin as a cheap payment service also came large energy usages by bitcoin miners. The blockchain isn't known as a very environmentally friendly technology, which is very obvious since the power usage of all the bitcoin miners could power the entire Czech Republic. If we include ethereum and other cryptocurrencies, it even outdoes the energy usage of Ireland and Denmark.

 

So how can blockchain be used in the energy sector

Because of this bad image and large energy usage, you wouldn't think that blockchain could be a solution for more affordable energy. Yet it can help us transfer to clean energy quicker, give us more control over how our home utilizes energy and much more.

 

The Blockchain could make us able to trade energy among ourselves just like an energy exchange. This will help renewable energy projects and give you more control. These transactions could be handled at an extreme speed with millions of transactions per second. How? It can digitize and fuse all energy providing and draining devices into a transactive network. These are just a few examples of use cases in the energy sector. Here are a few ICOs that are currently integrating a blockchain in this sector.

 

Nafen

Details

Nafen is combining advanced technologies to create a unique crystalline material "alumina nanofibers” (AI203) branded as NAFEN. This can be used in a lot of different ways but also for Energy creation and storage because these nanofibers are covered in carbon which can be the roots of high-capacity power suppliers' development.

 

GreenX

Details

GreenX is an ecosystem created to enable individuals and institutions to make a profit from investing in renewable energy in which is currently a very high demand for investors. They are also a supporter of green energy and in its rentability and think it will be the energy of the future.

 

Verv (VLUX)

Details

Verv has developed a renewable energy trading platform on which energy can be traded with their VLUX token. They are doing this by combining their current energy monitor (Verv) and blockchain technology. This way they can create a secure and transparent ledger with which energy can be traded p2p.

 

The Sun Exchange

Details

The Sun Exchange is a marketplace where you can purchase and lease solar cells to power businesses and communities. Members will earn SUNEX by making purchases and building a portfolio on this platform.