Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Blockchain and the Future of Energy
North American Clean Energy | Jul 15, 2018
Blockchain is coming to the energy world and its impact will be massive. It will accelerate the transition to renewables and give us real and immediate ways to combat global warming, incentivize the production of renewable energy, and replace fossil fuels.
What is blockchain?
If you’ve heard of Bitcoin, blockchain is the technology that powers it. Blockchain allows data to be recorded on a distributed ledger in a way that cannot be changed.
Why does it matter?
The key benefit of blockchain as a technology is that it enables parties that do not know each other or trust each other to do business together and still feel secure. Applications running on the blockchain can take advantage of smart contracts that trigger certain events (for example, payment) when particular milestones are met – so long as some form of proof is presented that a particular milestone has been met.
More: Blockchain has the potential to do amazing things, but it needs a reboot
Together, blockchain as a technology, and the advent of smart contracts running on it, have the potential to change everything, much the same way that internet technology changed everything in the late 90s. In this analogy, Bitcoin is a lot like the Mosaic/Netscape browser. It’s an example of the dramatic and disruptive effects of blockchain technology: “Look, Ma! Instead of government issuing currency, a non-profit foundation can issue its own currency and have the market determine its value!” Bitcoin is only the beginning of the many changes blockchain will deliver.
How will it change the energy markets?
In the energy sector, we expect blockchain to have a massive impact. After all, the future of energy lies in renewable energy technology. And unlike fossil fuels, renewable energy relies on a set of assets that are more dispersed. In the future, many more businesses will find it advantageous to produce their own energy and consume it. Already, prosumers are finding it advantageous to put a renewable energy power plant on their roof of their homes – in the form of solar panels. These trends will be accelerated by the availability of low-cost battery technologies designed for both industrial and consumer use. Demand response and load management will also be key to building power plants to get to 100% renewable.
A distributed model
Power markets are moving from a centralized model to more distributed model. The fundamental conditions required to make distributed power markets work well are:
- automated production and consumption tracking
- validation
- payments
- transparency
- incentives
- security
These improvements will require a distributed, self-organizing system that reduces friction, routes around regulatory obstacles, and connects fractured markets.
That’s whyblockchain is key. The distributed nature of blockchain provides an unprecedented level of trust and transparency. This enables businesses to feel confident in transactions that require a high degree of trust. Breachingthe security of a central database is one thing – trying to fool a decentralized, global network of databases is almost impossible. The result is a reduced need for middlemen, faster transactions, and lower expenses than traditional centralized models.
See: How Blockchain is Impacting Canadian Fintech Markets
We’ve seen the impact of thisalready with cryptocurrency; Bitcoin and blockchain solved the double spending problem (i.e. spending the same digital currency twice) by ensuring distributed consensus. As a result, cryptocurrencies can be spent internationally in seconds, at low transaction fees, while working around normal third-party middlemen like banks. This has roiled the financial industry. Get ready for the same thing to happen in energy.
A fundamental shift
Blockchain will enable a fundamental shift in the distribution of energy by enabling people to trade energy among themselves. This will stimulate more renewable energy projects and accelerate the transition away from carbon-emitting electricity generation. Tokenization will allow producers to seamlessly connect with investors.
As a result, we’ll gain the ability to openly and securely verify/track/exchange energy and related data. This will strip away inefficiencies in existing markets and create brand new markets as well. Peer-to-peer (P2P) energy trading marketplaces will use blockchain to create an immutable, open, and secure, decentralized record of transactions.
The resultwill beautomated processes and transactions, significantly reduced costs, and inherently trustworthy sources of verified data. Also worth mentioning: Enabling data-driven investments will includetraditional utilities, not destroy them. They will allow smart cities, municipalities, city planners, and communities to adopt new technology and cooperate to reduce climate change, provide cleaner and cheaper energy, and create a more secure power grid.
Benefits
Some examples of how blockchain will help the energy sector...
Open up markets
The ability to aggregate and exchange secure and trusted data opens carbon offset markets to the approximately 90% of carbon emissions not covered under existing programs.
Eliminate middleman fees
People who have rooftop solar systems often have to pay a hefty fee to the utility company. The blockchain will eliminate these fees.
Improve reporting
The current reporting system is flawed; data is often self-reported (“I made four kilowatts” or “I hired a consultant.”). Plus, it's very expensive. Instead of going to a utility and just sitting there, data will be immutable, open, and verified.
More: WEF’s Sheila Warren: blockchain is the door to new digital reality
Reduce waste
The blockchain will minimize fraudulent energy production data. By capturing immutable proof of energy production, running open-source estimators to verify, and layering in blockchain to enhance security and trust, this challenge can be solved in a relatively low-cost, low-touch way. This not only cuts down on bad actors and bad data, but also creates a more robust incentive market by improving trust and accuracy.
Fix renewable energy incentives
Incentive programs have been around for decades, but they’re plagued by fraud, and ineffective at addressing the core issue of carbon emissions. Additionally, these programs tend to be location-specific, relatively complex to participate in, and onerous to administer. Blockchain, smart meter, and “oracle” technologies will establish a more trusted, efficient, and effective system for tracking and rewarding carbon displacement via renewable energy production.
Reduce shipments
Blockchain will help create an increasingly decentralized logistics processes (compared to today’s highly centralized version). The ability to administer even the smallest shipments at minimal cost translates into a reduction in shipments. This, in turn, will lessen the need to pool everything together in big warehouses.
Continue to the full article --> here
The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with cryptocurrency, blockchain, crowdfunding, alternative finance, fintech, P2P, ICO, STO, and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: ncfacanada.org
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NCFA Member Innovation Spotlight | Nov 28, 2023 ReliablyME launches an AI-powered Accountability Coach GPT blending ancient philosophical wisdom and modern AI technology to offer a unique approach to personal and professional development. The ReliablyME Accountability Coach GPT is now accessible through ChatGPT Plus. The tool is designed for a wide range of users, including professionals, entrepreneurs, students, and anyone interested in disciplined goal-setting and ethical practices. It stands out as an accessible, flexible, and cost-effective coaching solution. Founded in 2018, ReliablyME has been committed to delivering innovative and effective coaching solutions. With its focus on ethical and balanced growth, the company continues to be a leader in developing tools and resources that empower individuals and organizations to reach their full potential. Example Use Cases 1. Setting and Achieving Personal Goals Users seek assistance in defining clear, achievable objectives using the SMART (Specific, Measurable, Achievable, Relevant, Time-bound) framework. This often involves exploring personal or professional goals, such as improving productivity, pursuing a new skill, or achieving a specific fitness target. Accountability Coach GPT guides users in formulating these goals in a manner that is aligned with Stoic principles of focusing on what is within their control and Taoist concepts of ...
Bitcoin Mining | Nov 28, 2023 Bitfarms Ltd., a Canadian-based and publicly traded on NASDAQ and TSX, a leading global bitcoin mining company, recently announced a significant upgrade to its mining operations to boost the company's operational capacity and efficiency. The upgrade involves the acquisition of 35,888 Bitmain T21 miners, with an option for an additional 28,000 units, potentially elevating Bitfarms' operational capacity to an impressive 17 EH/s and 391 MW by the second half of 2024. See: One of Biggest Bitcoin Mining Firms in Canada, Bitfarms, to Adjust HOLD Strategy Last week, Bitfarms announced a $60 million Canadian private placement with U.S. institutional investors with the net proceeds from this private placement earmarked for the acquisition of new miners, expansion of infrastructure, and enhancement of the company's working capital. Bitfarms' purchase of 35,888 Bitmain T21 miners, priced at $2,660 each, enables unparalleled efficiency and mining power. This upgrade aligns with the upcoming bitcoin halving in April 2024, an event that typically triggers increased market activity and valuation fluctuations. The new T21 miners boast a highly efficient 3 Phase 415v PSU and High Energy Mode, aligning with global shifts towards sustainable mining practices. Third Quarter 2023 Results Bitfarms Ltd.'s financial ...
Crypto | Nov 28, 2023 Ex-Binance CEO Changpeng Zhao Faces Up to 10 Years in Prison Amid Bank Secrecy Act Violations Changpeng Zhao, the former CEO of cryptocurrency exchange Binance, is currently facing a potential prison sentence of up to 10 years. This development follows his guilty plea for violating the Bank Secrecy Act. The U.S. Department of Justice (DOJ) has expressed frustration over Zhao's permission to reside in the UAE until his sentencing, considering his billionaire status and the UAE's lack of an extradition treaty with the U.S. See: SEC Files Lawsuit and Accuses Kraken of Commingling Key Points Zhao has been charged by the DOJ for violating the Bank Secrecy Act, with the prosecution possibly arguing for a maximum 10-year term. This is a significant increase from the initially anticipated 12-18 month sentence. Binance has agreed to pay a massive $4.3 billion fine, marking one of the largest enforcement actions against a crypto platform. Zhao himself was personally fined $50 million. Attorneys for Zhao, a dual citizen of Canada and the UAE, submitted a motion last Thursday to the Western District of Washington in Seattle. They argued that Zhao is not a flight risk, emphasizing his voluntary appearance ...
Digital Identity | Nov 28, 2023 Syngrafii Announces Integration with Trulioo Identity Document Verification, Enhancing its iinked Sign™ and Video Signing Room™ (VSR) platforms. Syngrafii's strategic integration helps secure electronic signatures, addressing the evolving needs of regulatory bodies and combating financial crimes like mortgage and auto loan fraud. The integration not only streamlines the identity verification process but also fortifies compliance with KYC, KYB, and AML protocols, setting a new standard in the digital signing realm. See: Digital Identity in the Age of Web3: Empowering Individuals, Transforming Organizations Key Points: The integration with Trulioo's Identity Document Verification brings a new level of assurance in signatory authentication, combining e-signature and IDV processes into a unified, more secure platform. This integration is a response to the changing demands of regulatory agencies, law societies, and financial institutions, ensuring compliance and mitigating risks associated with financial crimes, and meets the standards of NIST and DIACC Syngrafii's iinked Sign™ now includes a "Write to Sign" feature, allowing signatories to use their own handwriting, enhancing the authenticity and non-repudiation of electronic signatures. This collaboration supports Syngrafii's expansion in core markets like Canada and the U.S., while enhancing global trust in digital transactions. Syngrafii's suite, including the ...
ESG | Nov 28, 2023 The Monetary Authority of Singapore (MAS) has recently launched 'Project Greenprint' (Gprnt), an innovative digital platform to streamline the collection and access of Environmental, Social, and Governance (ESG) data View release This initiative, part of Project Greenprint, aims to simplify sustainability reporting and decision-making processes for both large corporations and small and medium enterprises (SMEs). Gprnt integrates four key utilities: a disclosure portal, a data registry, a solutions marketplace, and data orchestration capabilities, offering a comprehensive solution for ESG data management. See: ‘Lazy’ ESG Fund Managers Are Caught Swimming Naked as SVB Exposes Scheduled for a progressive rollout starting from Q1 2024, Gprnt promises to automate ESG reporting, providing timely insights and enhanced data access for the ESG community. Gprnt enables businesses to automatically convert economic data into sustainability-related information. This includes integrations with various digital systems like utilities, payroll solutions, and AIoT sensors. The platform will collect data through APIs and compute ESG-related outputs. It will also use AI tools for data extraction from documents and a GPT4-powered chatbot for crafting sustainability disclosures. Gprnt's data registry and marketplace functions, launching next year, will facilitate access to aggregated data and connect solution providers with investors ...
Nov 29, 2023 In recent years, eco-friendly home renovations have gained significant traction, particularly in Canadian cities like Ottawa. Homeowners are increasingly seeking sustainable solutions that are not only environmentally responsible but also cost-effective in the long run. This article delves into the latest trends in eco-friendly bathroom renovations Ottawa, specifically tailored for the Ottawa market, offering practical tips and advice for those looking to make their bathrooms greener. Understanding Eco-Friendly Renovations Why Go Green in Your Bathroom? Eco-friendly renovations are all about reducing environmental impact. In the bathroom, this means using less water, reducing energy consumption, and choosing materials that are sustainable and have a lower carbon footprint. Not only do these renovations contribute to a healthier planet, but they also often result in lower utility bills and increased property value. Key Components of Eco-Friendly Bathrooms Low-Flow Fixtures: Including toilets, showerheads, and faucets designed to use significantly less water without compromising performance. Energy-Efficient Lighting: Opting for LED or CFL bulbs which use less energy and last longer. Sustainable Materials: Using recycled or sustainably sourced materials for countertops, cabinets, and flooring. Trends in Eco-Friendly Bathroom Renovations in Ottawa Sustainable Luxury The modern eco-friendly bathroom doesn't compromise on luxury. High-end materials ...
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