Globally, more than 8 in ten people believe the world should be powered with green energy, but just 3% of the world’s energy consumption comes from renewables. Today, oil, coal, and natural gas are still among the top energy sources. The disconnect is jarring – what’s keeping us from making the switch?
While the technology behind renewable energy is available, the options of implementation are not. Regulated markets allow power companies to exercise a monopoly over energy generation, distribution, and billing. One study has even suggested that utility companies rate structures can diminish the value of installing a solar panel system. The solution, like many other industries, lies within blockchain. Calling on the same tech that powers the cryptocurrency economy, blockchain can offer a unique response to the energy question. A potential foundation for a consumer-based energy market called the blockchain smart grid is a new way to buy, sell, and trade energy. Capable of tracking and connecting a network of electricity generation and usage, blockchain smart grid allows consumers to choose the greenest option for their own households at fair prices. Through this, demand for renewables will grow and finally the market will be able to respond with clean energy to individuals and neighborhoods who never before had the option.
Technology is giving consumers more control and transparency in their energy usage, but the power still lies with the utility company controlled market. Blockchain may be the answer. Take a look at this infographic from Lition for more on the current state of global energy needs, why green sources are falling behind, and how blockchain can open new opportunities for renewable implementation.