THE GREEN ENERGY INDUSTRY IS GROWING FASTER THAN EVER ON A GLOBAL SCALE, SUPPORTED BY BLOCKCHAIN TECHNOLOGY
BLOCKCHAIN TECHNOLOGY HAS A WIDE RANGE OF APPLICATIONS WITHIN RENEWABLE ENERGY SECTOR
We’ll take a look at some of the uses from blockchain solutions from enabling wind and solar farms to be monitored around the clock to buildings that power our cars. Blockchain technology, built into the fabric of smart buildings has the capacity to gather and analyse operational data whilst promoting green energy, cost savings, substantially and efficiency.
A report published by Navigant Research identified three key companies as leaders in the smart street lighting market: Signify, Itron and Telensa.
Navigant Research
GREEN ENERGY USAGE
Blockchain technology has a wide range of applications in renewable energy and is particularly efficient when applied to monitoring and monetization of water and electricity bills, production, control and saving of energy on the grid, buildings and other facilities.
ENERGY STORAGE
One of the biggest technological challenges of our time is energy storage. Batteries, water pumps, green hydrogen, compressed air systems, can greatly reduce costs by improving the capacity and reliability of interaction with utility networks, micrograms, buildings and other infrastructure. New integrated solutions are a key link in energy efficiency, promoting optimal usage. Bloomberg estimates that by 2040, 1,095 GW and 2,850 GWh of energy will be deployed.
HYBRID ENERGY SYSTEMS AND MICROGRIDS
Our global electricity grid is moving towards becoming a ‘self-healing’ grid with advanced sensors and controls, similar in many respects to network communications.
Wood Mackenzie reported that in 2020, the number of microgrids grew almost 50% and predicts that by 2025, solar, wind, hydroelectric and energy storage will represent 35% of the annual installed capacity. Lawrence Berkeley National Laboratory reported in 2020, that 125 combined hybrid power plants are already operating in the United States, with a total additional capacity of more than 14 GW.
INTERACTIVE AND INTERDEPENDENT CONSTRUCTION
The expansion of smart buildings will allow a greater degree of interaction between infrastructure and the electricity grid. Energy efficient buildings better manage energy consumption and storage. Distributed power generation and flexible charging technology
interacting with electric vehicles is a great example. This also provides buildings with a more flexible and efficient energy load curve.
GREEN FINANCE
In 2021, companies that are committed to innovation, digitalisation are set be more viable propositions. Sustainable companies will be considered more attractive to investors for their long term profitability and adaptability. The tools provided by the blockchain have accelerated digitalisation and sustainability initiatives for companies who face new challenges worldwide.
LOWER INSTALLATION COSTS
Renewable energy and energy storage technologies are fast reducing their installation and operating costs, and in turn supporting the move towards cleaner energy. The latest report from the International Renewable Energy Agency (IRENA) shows that since 2019, almost 75% of new electricity comes from renewable energy sources.
The use of blockchain technology is supporting the rapid integration of green energy into our lives on a global scale, we look forward to seeing further uses of blockchain technology within the renewable sector.