Blockchain in combination with technologies such as AI and IoT in the energy market can be redesigned to deliver value for all stakeholder unseen before.
There is little doubt that the health of our plant is one of the biggest human concern globally. Greenhouse Gasses (GhG) are one of the biggest contributors to environmental damage globally. According to the USEPA 2017 report, the largest GhG contributor is electricity generation contributing 28% of GhG production in US. Other jurisdictions report higher levels as they have a higher reliance on fossil fuels.
In our earlier articles, we have discussed the ways Blockchain in combination with “smart metering” can provide a platform for energy transactions. However, combine this with adjunct technologies such as AI and IoT, the energy market can be redesigned to deliver value for all stakeholder unseen before.
The value which these combinations bring to the table is beyond monetary. The most significant impact of these technologies is ecological and environmental. These technologies allow cleaner and renewable energies to participate in a more fluid market. Furthermore, given that renewables are more decentralised and dispersed, blockchain provides the perfect environment for micro trading of electricity.
This will encourage and enable the phasing out of fossil fuels and replacing them with renewables in the power generation mix. This opportunity alone has the potential to reduce 28% of the GhG emissions. Combine with the electrification of road transport it will not be too hard to see the potential this technology has to reshape our future in a positive way.
How does GhG impact on the environment?
Our sun radiates energy towards us all the time. Some portion of this heat bounces back into space. Since the industrial revolution and increased deforestation, the proportion of GhG being emitted and processed by our planetary lungs “the global forests” have led to increased retention of GhG in the atmosphere.
GhG acting like a blanket over the upper layer of the atmosphere trapping the heat in and causing global temperature escalations. This leads to a raft of changes which have a negative impact on the planet.
Atlantic Power Exchange and its technology will allow the developing economies to catch up in the clean energy transition race. This also will allow wealth generation for those economies and brings prosperity to the population. At the same time for countries which have limited grid penetration, it will create the economic environment for investments in microgrids and electrify the population with minimal or no government investment.