Is Blockchain Techology Going To Be The Future Of Renewable Energy?
Past the unattractiveness of giant wind turbines and clunky solar panel, there are bigger issues that exist with the current centralized form of energy. In particular, it is exceptionally wasteful, causes lateness in project launches, and drives costs up all around.
David Miller, Project Development Lead at ImpactPPA, clarifies, “Using the blockchain and smart contracts opens the bottleneck created by the large, centralized NGOs and government agencies that have traditionally controlled energy financing. ImpactPPA can dramatically cut the time from proposal to product implementation, achieving results in months instead of years.”
Assaf Ben-Or, Co-Founder and CEO of Greeneum, enthuses “Blockchain is important to the future of renewable energy because it helps energy producers and consumers realize meaningful, cost-saving efficiencies, while also enabling ordinary and institutional investors to help fund the build-out of renewable energy grids by removing the many obstacles currently standing in their way.”
BRINGING ENERGY TO THOSE WHO NEED IT MOST
Both ImpactPPA and Greeneum are blockchain-based, incentivized green energy project markets and power management platforms. Their approach is to decentralize the financing of energy projects and enable power to be controlled speedier and where it’s required most while conveying rewards to the individuals who invest.
According to Ben-Or, “People in developing nations are able to take advantage of Greeneum-funded projects by simply accessing the electricity generated by the new renewable grids built in their community. In many cases, this is the first consistent access to electricity they will have ever had.”
Never again will the whole population need to sit tight for government organizations or committees to survey economy viability of an energy plan. With blockchain tech, investors the token market can have a say in when and where power is delivered. “We are removing trust as a factor and eliminating the many intermediaries that currently make funding these efforts near-impossible for all but the most qualified investors,” he proceeds.
ANY BARRIERS TO OVERCOME?
In case blockchain technology was anything but difficult to incorporate, the world would be a better place at this point. Its adoption isn’t without its difficulties. “With anything new and complex, there will always be challenges. Most of the challenges with blockchain adoption have a root cause of a lack of awareness or a lack of understanding about it” said Miller.
Ben-Or agrees, “The challenges to using blockchain tech are the same as with any other new innovation: low adoption rates, lack of broad knowledge in how it works, and a need to build everything from scratch. That said, we see these more as opportunities, rather than hurdles.”
The invigorating thing that isolates energy blockchain organizations from the bunch of new businesses holding ICOs to enhance their founders is that green energy truly tackles real issues bringing energy to places that have been off the matrix and help reduce the rate of poverty around the world.
“Unlocking the trillions of dollars held by everyday individuals around the world will help raise the standard of living for millions of people currently in the dark” claimed Ben-Or.