What's Up, Soldiers?
Today I’m going to be writing about the reasons why the energy market needs decentralizing with blockchain technology. I was inspired to write this by my review of Power Ledger, so check that out down below. Hopefully, this article will get you excited about the potential of the blockchain tech and crypto market in the energy space!
So, without further ado let’s get into it:
It may come as no surprise that the prime aspect of blockchain technology is the prime reason why the energy market needs it. The energy market is dominated by big conglomerates, that set rates almost like a cartel. If you don't believe me then look into OPEC and their cartel organization.
With blockchain, the administration of the energy no longer needs to be in the hands of the big corporations. That means that you can buy energy directly from the producer for a much better rate, and you can choose where your energy comes from (more on that later). On top of this blockchain, decentralized ledgers can show exactly the energy needs of areas and places, meaning less energy is wasted.
One other benefit of the blockchain is the fact that micro producers have a much better shot at the market than they would have done before. The big corps can no longer muscle them out of the way, and people can choose to buy energy from them. On top of this, the rate can be set by the producer, meaning inevitably better rates for them and the customer, as they no longer need to sell to a central organization first (like the national grid in the UK).
This gives micro providers a much better stake in the market, and as many of these are renewable providers, the environment benefits as well. This may also provide an incentive for people to become micro providers and make money on their renewable investments, making the case for renewables much stronger.
The blockchain tech and decentralization would allow people to choose their provider and energy much more effectively and in much more detail. Currently, there isn't a huge choice unless you buy from a specialist renewables company. However, this tech would allow you to directly choose the type of energy you'd like t buy maybe some from wind power, maybe electricity from the nuclear power station, or just plain old gas. The choice will be yours as you flick through all the options, revolutionizing the way we buy energy.
In my opinion, this will increase the demand for renewables and therefore lead to a renewable revolution where people seek out renewable options. The investment would, therefore, come for renewables hopefully reducing our impact on global warming.
That’s all for today folks, hope you enjoyed! Check out my review of Power Ledger Below!
Disclaimer - This is not financial advice just my own personal opinion.
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