Blockchain is becoming a thing, as people are relying on it to get energy for their homes

Blockchain has been gaining a lot of traction in recent years, being featured with increasing frequency, in ever more mainstream outlets — gaining awareness and adepts in the process. Articles written about it all have one thing in common — the universal appeal and praise of the technology shine through.

by Armand Doru Domuta, CEO, Restart Energy

Currently and for the foreseeable future, blockchain keeps on expanding and evolving — continuously so, to the point of becoming a phenomenon. Yet, the surface of its vast potential has only been scratched so far. This has led to more resources being dedicated towards the further development thereof and the research pertaining to unlocking further benefits of the technology in our day to day lives, in almost all sectors of a modern economy.

By improving visibility and increasing awareness regarding blockchain, early adopters and scholars alike are striving to help people worldwide understand the technology well enough so that they themselves can start to evaluate, examine, adopt, and modify it according to their own needs. This fosters an innovative ecosystem around the technology, as more exposure brings with it more innovation and unexpected synergies.

One of the most relevant areas in which blockchain can make a difference and help our planet is through renewables in the energy sector, specifically through the yet-untapped potential of prosumers. Green energy has the long-term potential to reduce greenhouses gases as well as dependence on fossil fuels — as long as it is the majority or, even better, the only category of fuels used.

Our current model of energy distribution is heavily manipulated by a centralized and regulated model that is quite old at this point, as well as not very efficient; leading to a substantial chunk of energy being wasted through the pipelines by the time it reaches its intended target(s). In recent years, many nations have moved towards a deregulated energy market model, moving past the ancient way of handling an energy ecosystem. The centralization of energy ecosystems is also being challenged, this time by a combination of smart grids and blockchain technology, that promises to reduce dependence on single monolithic structures and distribute the responsibility and benefits of the grid to the users, now prosumers, themselves.

Residents that become prosumers, will be able to contribute to the market by selling their surplus energy to consumers instead of the local utility company. An increase in the development of more residential installations would be desirable, as in the future this will lead to a more competitive energy market and more choices of renewable sources will become available to consumers everywhere.

At its core, the idea of producing more energy than you require and then selling it to the grid will revolutionize the energy sector, once coupled with blockchain, if it can be done on a localized, efficient scale. If we can encourage consumers to create their own energy and gain independence in the process, then we can expect to create a future in which one day we can create a sustainable world, based on affordable energy for all — energy poverty would be a thing of a less enlightened past. In such a futuristic scenario we could also encounter friends, neighbours, and local community members trading energy with one another, and perhaps bringing them closer together in the process — all benefiting from the ease of use of streamlined blockchain ecosystems combined with smart grid technology and smart meters, allowing prosumers to sustain a thriving local energy economy.