There are several methods for generating energy. While some methods rely on synthetic resources, others rely on natural elements to make power. Some of the most common natural sources of energy are water, air, and the sun. The use of conventional sources of power generation has led the world into a shortage of the already depleting natural resources, such as oil and coal. As green power leads to harnessing the abundant natural resources and provides ample energy, researchers are now finding ways for generating “green power.” For this task, using technology for unearthing ways to efficiently harness green resources is a viable option. Introduced in 2008, blockchain technology gained traction when it proved to be extremely secure and safe for bitcoin transactions. With extensive research and detailing, blockchain has applications across numerous industries. Its features, such as decentralization, cryptographic security, and absolute transparency are responsible for making it so popular. Blockchain to generate green power is a technology-based option to assist researchers in peer-to-peer energy trading and lowering pollution levels effectively.
Problems with generating green power
One of the most significant barriers to making green power is capital investment. Operating equipment to create green energy can be pocket-friendly but installing them proves to be costly at times. These costs are commonly related to lack of transparency in knowing how much the installations would cost and the continually changing rates of facility and equipment.
Moreover, generating green power alone is not sufficient. Green power needs to be transmitted is to the general public as well. However, when the power gets transmitted from its generation point to its consumption point, the charges associated with transmission are also relatively high.
Blockchain to generate green power
As blockchain consists of distributed ledgers stored on every system on the network, transparency in this technology is not questionable. Blockchain to generate green power can enable people to use renewable energy resources and convert them into conventional forms of energy, such as electricity. With blockchain technology’s decentralization, people making green power can overcome the obstacle of high charges imposed by the authorities.
As blockchain stores transactions that have high visibility and are decentralized, power generators can attract small players to work towards generating more power. Moreover, people can make profit by reducing the cost of certification when producing green energy. Smart contracts are an efficient way for storing information about a person using blockchain to generate green power. These functionalities make the technique of creating green energy sound and thought through.
CTOs and CIOs can look for ways through which they can leverage blockchain to generate green power. Moreover, authorities can also look at how they can install equipments to generate renewable energy. Training employees to work with such a disruptive technology would be a much-needed action on part of power generation corporations. Businesses that do not wish to deploy a private blockchain network can search for vendors through which they can use Blockchain as a Service (BaaS).
