Industries That Blockchain Will Radically Transform Our Energy
The term “cryptocurrency” is a misnomer.
A common misconception, held by many newcomers to the blockchain world, is that the technology’s potential lies solely in the banking and financial industry. In fact, the recent suggestion of the Indian government to rename cryptocurrency as “crypto assets”, and Warren’s Buffett’s belief that Bitcoin is not in any way a currency, are perhaps closer to the true nature of cryptocurrency than the commonly held belief that it is simply digital money.
Cryptocurrencies should not be seen as just money, but as tools. Blockchain technology, which underpins cryptocurrency, has potential in many more forms than just as a medium of exchange and store of value.
The application of this technology to industries as varied as supply chain management, fashion and publishing is a result of the innate flexibility of blockchain. The nature of a platform can be programmed to suit a variety of needs. The sooner an investor realizes this, the sooner they will see how exactly it might be applied to different industries, giving them a degree of clarity with can help them measure the potential of a project to disrupt a particular industry.
Given the immense potential of blockchain, we take a look at industries, one at a time, that will be upended by its imminent commercial arrival. The shown here is as folows:
Energy
The energy industry is also hampered by middlemen.
Blockchain technology could change that by letting individuals buy and sell energy through smart contracts. The energy used by individuals in homes could form a microgrid where communities become resilient to power outages, as well as reduce the drain on the environment.
This is exactly what LO3 Energy has done by establishing the Brooklyn Microgrid. The company itself states it best – they want reimagine how power can be generated, conserved, traded and shared.
Power Ledger claims to be the world’s first commercially-available energy trading platform of its kind. Users can trade electricity with each other and receive payment in real time. What’s interesting is that users can sell power that they’ve stored on their solar panels. Any excess power that isn’t essential could be sold for money.
Grid+ works with Artificial Intelligence to study your energy consumption pattern and purchase energy accordingly. This platform involves a hardware unit. The AI-based smart energy agent has access to multiple energy markets and can also extra energy generated from solar panels.
Chuck Reynolds
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Industries That Blockchain Will Radically Transform Our Energy
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