Blockchain: Democratization of the Energy Sector?
- Apr 19, 2021 9:37 pm GMT
When the Bitcoin cryptocurrency was ironically introduced during black October of 2008, it was the underlying technology blockchain that would eventual outshoot the digital currency revolution. For many industries, it seems, blockchain is poised to delivery disruption. For the energy sector, democratizing of the grid via blockchain technology will deliver that decentralization desired by Cypherpunks and other crypto- anarchists who advocate for privacy through cryptography.
The global energy grid is converging on renewables like wind, solar, and the capability to store excess energy. With these technologies an increasing number of small businesses and homeowners are now both consumers and producers. The desire for anonymous, trust less, and decentralized ecosystem that does not rely on big utilities continues to grow. The burning desire is to utilize this cartel of users and produces to buy and sell without a central authority. This new paradigm ensures buying and selling to each other without the big utilities. This disparate group of producers, buyers, and sellers want to use blockchain to navigate this new ecosystem.
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