THELOGICALINDIAN - Bitcoin blockchain technology and the Internet of Things are badly abolition every industry sectorTheyre abnormally abolition the activity and account area including the solar activity trading bazaar Coincidentally solar activity prices abide to abatement bringing amazing new business opportunities while attention the environment
Also read: IBM Invests $200M Into Blockchain and IoT Research at German Headquarters
Solar Energy Boom and the Energy Regulatory Environment
Several factors are accidental to the boom in renewable activity production. These accommodate bearing costs, new investments, and U.S. accompaniment regulations.
General Electric said back 2010, the amount of solar implementations has dropped 60 percent.
Also, Fortune asserted, “Investors in wind and solar ability are accepting added accommodation for their money as the amount of the technology tumbles, authoritative alternatives to deposit ammunition added competitive.”
Apple, Amazon, and Google are additionally now heavily investing in renewable energy. According to the BBC, Google said “it wants to map ‘the planet’s solar potential’ – the abstracts from these panels, including their uptake, could acquaint approaching activity strategies.”
Trading Renewable activity certificates (RECs)
Moreover, several U.S. states accept adopted a Renewable Portfolio Standard. This mandates the added assembly of activity from wind, solar, and added renewable activity sources.
Renewable activity certificates (RECs) represent affidavit that one megawatt-hour of electricity was generated from a renewable activity ability and was put into the ability curve that carriage energy, or the ability grid. RECs are also tradable commodities.
Therefore, besides accompaniment and federal incentives, solar or apple-pie activity arrangement owners can balance their advance by affairs RECs on the atom market.
SolarCoin is addition agency to activate solar activity producers. According to the SolarCoin Foundation, “SolarCoin is a commutual bill application Bitcoin technology implemented to incentivize all-around solar electricity bearing over the abutting 40 years.”
You can get SolarCoins by appointment a affidavit of solar electricity generation. For anniversary one MWh generated you get a §1 SLR coin.
Blockchain and IoT are Driving Solar Generation and Distribution
Millions of commutual acute accessories in the Internet of Things (IoT), accumulated with blockchain technology, acquiesce the architecture and accomplishing of amazing applications for ability production, decentralized ability distribution, and solar activity trading.
For example, IDEO CoLab is application blockchain technology and the IoT, to body an “Internet-Connected Solar Panel.”
Collaborating with Nasdaq and the startup Filament, IDEO Colab afresh “built a affidavit of abstraction solar console kit that automatically creates renewable activity certificates as it generates power.”
Filament technology involves wireless sensor packages, or taps, to acquiesce acute accessories to discover, communicate, and apart collaborate with anniversary other, in the IoT universe. These able accessories are able of exchanging amount amid themselves, such as Bitcoin currency, data, and arrangement access.
Smart affairs administer the affairs that these smart-devices automatically execute.
Filament has additionally developed applications for ability grids, which are decidedly accordant in alien locations area connectivity is alternate or not available. For example, electrical poles or added elements of a ability filigree become acute devices. As such, they can adviser themselves, address their cachet to added devices, and activate adjustment actions, after animal intervention.
Blockchain-based Solar Energy Trading
Thanks to Bitcoin and blockchain technology, peer-to-peer (P2P) trading of solar activity is now possible. For example, EcoCoin advised a blockchain-based belvedere to acquiesce P2P trading of solar and added renewable assets. As a result, the EcoCoin aggregation won the 2016 International Energy Hackathon.
“We congenital a blockchain technology for the activity bazaar for bodies to accept a exchange to buy and advertise activity and again anticipate their burning and assembly and accomplish decisions based on that,” explained Brendon Gails, one of the associates of the EcoCoin team.
Microgrids are the future of activity assembly and distribution. Now, Microgrids users are starting to account from blockchain technology and acute contracts.
Specifically, LO3 Energy and ConsenSys are application blockchain technology and acute affairs to advance the association activity bazaar TransActive Grid. This activity bazaar facilitates P2P exchanges to accredit association associates to barter energy, securely, and automatically. According to TransActive, “Home activity producers can advertise their surplus to their neighbors, and communities can accumulate activity assets local, abbreviation amusement and accretion micro and macro filigree efficiency.”
Paying Energy Bills with Bitcoins
Bitcoin is additionally more acceptable in the utilities industry. In several countries, account companies now allow their costumers to pay their bills in Bitcoin.
Germany’s Enercity, one of the ten better activity suppliers, already accepts Bitcoin account bill payments.
Similarly in Japan, E-net Systems Co, Ltd., an activity supplier, is accommodating with the barter Coincheck to acquiesce barter to pay their electricity bills this way.
Then in Australia, Living Room of Satoshi facilitates customers’ account and government bill payments with Bitcoin and added cryptocurrencies.
Bitcoin and its blockchain technology, in affiliation with the IoT and added Fourth Industrial Revolution technologies, will abide to ammunition innovation, creating ahead doubtful solutions. The sky is the limit. These new solutions will accomplish the generation, consumption, and trading of solar and added renewable sources of activity added efficient, beneath expensive, and added environmentally friendly.
What are your thoughts on application Bitcoin as one of the primary currencies for the renewable activity market? Let us apperceive in the comments below
Images via Shutterstock.
There are no bigger Bitcoin believers than the Bitcoin.com team. That’s why this armpit is a one-stop-shop for aggregate you charge to get into bitcoin life. A Bitcoin store? Check. Earning bitcoin? Check. Forum discussions? Check. A casino? Yep, we accept that too. Prices and statistics? Also here.
