{"id":5711,"date":"2017-09-19T08:07:41","date_gmt":"2017-09-19T02:37:41","guid":{"rendered":"http:\/\/www.allerin.com\/blog\/?p=5711"},"modified":"2017-09-15T17:57:13","modified_gmt":"2017-09-15T12:27:13","slug":"you-can-now-become-a-prosumer-with-blockchain-in-energy","status":"publish","type":"post","link":"https:\/\/www.allerin.com\/blog\/you-can-now-become-a-prosumer-with-blockchain-in-energy\/","title":{"rendered":"You can now become a ‘prosumer’ with blockchain in energy"},"content":{"rendered":"

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Energy plays a decisive role in the socio-economic development of any country. With a rise in energy consumption, depletion of non-renewable resources, and concerns around the environment, the need to think beyond immediate needs is now. Blockchain in energy allows for a wide array of economic opportunities<\/a> for both individuals and industries.<\/p>\n

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Blockchain in energy: Rise of prosumers<\/h1>\n

With the entry of blockchain in the energy sector, a surge in distributed technologies is all set to overthrow the traditional power delivery system. Blockchain is changing the dynamics of the utility-customer relationship, giving rise to a new class of customers called \u2018prosumers\u2019. The term, first coined by Alvin Toffler in 1980, refers to individuals playing the role of a producer and consumer both.<\/p>\n

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The rise of prosumers in the energy market was witnessed as a response to European Union\u2019s aim of reducing greenhouse gases by 80 percent in 2050<\/a>. Since the European energy distribution networks are highly centralized, more and more consumers began producing most of their energy with \u201cgreen\u201d technologies, using domestic solar panels and wind turbines. So if your neighbor has generated energy in excess of what he or she needs for their own consumption, they can offer to sell it to someone in the neighborhood who\u2019s facing an energy deficit. Blockchain forms the backbone of such an arrangement among prosumers. Right from simpler billing processes to establishment of smart contracts among prosumers in a neighborhood, blockchain takes care of almost everything needed to run such a micro energy grid.<\/p>\n

Blockchain in energy: Benefits to offer<\/h1>\n

The decentralization that follows blockchain, offers a myriad of benefits to the energy sector. The technology enables dynamic pricing, flexibility in operations, support to prosumers, and adds transparency to involved transactions. Blockchain in energy has something in store for everyone \u2013 energy companies, governments, contractors, suppliers, and end-users. Shared below are a few significant benefits:<\/p>\n

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