Our energy system has not undergone huge changes on any level in the past 100 years. Since the first power station was built in 1882, the energy system has been a one-way street. The power station sells energy to our consumers through its vast distribution network. Then, the energy retailer pays for it. Although this centralized system has always maintained a certain degree of transparency, our fast-growing society is advancing at an unprecedented speed. Now is the time for our energy system to change-can blockchain be a technological stepping stone to solve the big problems facing our energy system?
Problems with our current infrastructure
1. Low energy efficiency
Simply put, the energy system goes from a power station through a complex distribution network and finally reaches our home. It is an important part of our daily life. Research shows how many problems there are during this journey, and it is estimated that 8% to 15% of the electricity generated in the power station is lost before it reaches us. This is a lot of money, which will be passed on to our energy bills, along with a large amount of carbon dioxide being emitted into our atmosphere.
To make matters worse, in our power grid, a large number of people use solar panels to power their homes, which puts tremendous pressure on our current infrastructure. If too much excess energy is injected into it, there will be a situation called "overvoltage". This may damage the equipment and cause safety issues. Worst of all, this slows down the adoption of renewable energy systems.
2. Energy and our environment
The global energy sector is responsible for two-thirds of the greenhouse gases we emit into the atmosphere. With another summer high temperature record on Earth, the energy sector must adapt quickly to curb its emissions.
These changes in our environment are not only reflected in the hotter and hotter summer. The natural systems that provide us with food, clean water and clean air are also under threat. The smooth operation of these systems is vital to our survival. For our energy system, it has never been so important to the development of our energy system in dealing with the environmental challenges we face.
3. Inequality in energy distribution
The profits of energy retailers continue to grow, paralleling fuel poverty. It is represented by British Gas, one of the largest energy retailers in the UK. They achieved the highest profit margin in 2017. However, one in ten households in the UK live in fuel poverty.
These retailers don't even own any grid infrastructure. The frustrating thing is that they just compete to send you bills and monitor your electricity meter usage. They are typical "middlemen", raising energy prices by 100% to make up for the cost of running the company.
Our current system is unfair and inefficient. Consumers and the environment have paid a heavy price. These difficulties have brought us the spark of technological innovation-blockchain.
Energy innovation and blockchain
This exciting technology hopes to move our energy system away from its centralized one-way channel structure. It hopes to transform our dependence on power stations and energy retailers into something that every energy consumer can bring benefits.
1. Wholesale electricity distribution
Technology is eliminating middlemen-energy retailers. Blockchain startup Grid+ has chosen Texas as the first place to launch its technology. Consumers can now trade and purchase directly from the grid, which makes it unnecessary for traditional energy retailers to exist. These savings were passed on to us, resulting in a 38% reduction in energy bills.
But when you buy electricity from the grid when you need it, isn't this a great inconvenience to our daily lives? If you have a hardware device with Internet access, it will be automatically purchased when you need it, which is much more convenient. In households with battery storage, Grid+ calls its devices "smart energy agents". It buys electricity when demand is low and cheapest, stores it in your battery, and then sells it back to the grid when demand is high.
Blockchain technology is now a new middleman, not a traditional energy retailer eager to increase profits.
2.P2P energy
With the booming development of solar panels, people are no longer just energy consumers—they are also producers. If your community has multiple consumers, P2P energy will change everything.
Let's take a look briefly. There are solar panels for a three-bedroom house on her roof. She is a good thing. Normally, when Jane gets the remaining energy from her solar panel, it will be sold back to the grid. Due to lack of efficiency and middlemen in this process, Jane did not make a lot of money.
With P2P energy, Jane can now use the blockchain to sell the remaining energy to her neighbors. Since the blockchain plays the role of an intermediary in this transaction, Jane makes more money than she sells it back to the grid.
Even better, it is cheaper for neighbors to buy energy from Jane rather than their energy retailer. Jane's neighbors can support renewable energy, even if they don't have solar panels to produce. This is more environmentally friendly and uses electricity more efficiently because energy consumption is reduced during the journey from the power station to home.
Companies like Australia’s electricity ledger and Brooklyn’s LO3 are connecting communities in this way—creating microgrids. In addition to consumer savings, they are also safer. When there is a problem with the main grid, the micro grid can be used as an emergency backup. Natural disasters such as floods, earthquakes, and hurricanes can cause service disruptions by affecting concentrated grid infrastructure. In such an event, the microgrid can maintain the operation of the community until the main grid is back online-in areas prone to natural disasters, this is a lifebuoy.
Now, these microgrids are like a layer on top of our current grid. But P2P blockchain companies predict that this technology will develop into a larger, more decentralized, and more interconnected microgrid. This means that consumers' prices are lower, and consumers' profits will be higher.
How does it work?
First of all, everyone who uses this technology doesn't understand this, it doesn't matter. After all, how many people will use the Internet or contactless payments to explain how these complex systems work behind the scenes to improve our lives?
Simply put, the blockchain is a shared, encrypted ledger maintained by a computer network. These computers use cryptocurrencies, such as Bitcoin and Ethereum, to verify transactions and data between individual users. Every user can access the ledger, and there is no single authority.
So what does all this mean? The whole point of using blockchain is to allow those who do not trust each other to safely share valuable data. Usually the intermediary that provides this service will be deleted. In addition, when an attacker uses complex mathematics and innovative software rules, the blockchain is extremely difficult to operate. So how does this apply to the innovation mentioned?
·Through large-scale power distribution, blockchain is used, so energy consumers can directly purchase and sell energy to the grid in real time (using technologies such as "smart energy agents" from the grid can simplify the entire process).
· Using P2P energy, blockchain is used, so that communities can connect to the interconnected microgrids and use this network to buy and sell local renewable energy between them.
Where is our energy system?
Blockchain technology provides wholesale power distribution and P2P energy-these two exciting innovations are completely designed to completely change our current energy system. With future development, consumers will have cheaper and more environmentally friendly choices because they have the right to choose where to get energy from. Consumers will have the opportunity to obtain greater income from their solar panels. In a community with microgrids, everyone can back up in case disaster hits their main grid.
The road ahead is exciting, but there are also many challenges. Government supervision must quickly adapt to these new technologies, and requires political will and people's power as support. The strong lobbying interests of traditional energy retailers may hinder progress. But successful small-scale trials are encouraging, and blockchain technology has been developing. In order to overcome these obstacles, more creative innovation is needed, because technology can not only meet the energy needs of small communities, but also the energy needs of entire cities.
This year alone, more than $1 billion has been invested in blockchain business, and nearly half of the world's top universities are offering blockchain courses. There is no doubt that this technology will continue. We are currently witnessing a huge shift in the way we produce, distribute and consume energy.
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