Blockchain and the Future of Energy

share save 171 16 - Blockchain and the Future of Energy

North American Clean Energy | Jul 15, 2018

blockchain and clean energy - Blockchain and the Future of EnergyBlockchain 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

 


NCFA Jan 2018 resize - Blockchain and the Future of EnergyThe 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

Click for News:

latest news - Blockchain and the Future of Energy

 

Decrypt | Andrew Hayward | May 27, 2020 First came CryptoKitties, and now Dapper Labs is launching a licensed hoops game with potentially massive mainstream appeal In brief NBA Top Shot, a blockchain-based collectibles game, is lauching in closed beta. The licensed game is developed by Dapper Labs, the studio behind CryptoKitties. Top Shot features tokenized NBA highlights and also pairs with a mobile hoops game. CryptoKitties developer Dapper Labs is going big for its latest project: NBA Top Shot, an officially licensed, blockchain-driven collectible game featuring tokenized highlights from basketball’s greatest stars. See:  How the Pandemic Is Pushing Blockchain Forward It will be available to play next week, at least to those who registered interest and receive an invitation to the soon-to-be-released closed beta test. “What Top Shot does is it allows fans to buy a piece of the on-court action, actually own it, and then be able to sell it,” Dapper Labs VP of Marketing and Partnerships Caty Tedman told Decrypt. “It creates a new economy around the sport that’s never existed before that we’re particularly excited about.” The tokenized moments arrive as interactive “snapshots of a moment in time,” explained Tedman. They’re multi-faceted, animated widgets of sorts ...
Read More
Top Shot Dapper Labs - Blockchain and the Future of Energy
NCFA Canada | May 29, 2020 JOIN US ON A STORYTELLING JOURNEY EVERY FRIDAY. EP40: Why Bitcoin Exists and Education for the Masses HOST: Manseeb Khan, Fintech Fridays podcast episode GUEST: AUSTIN HUBBELL, Founder and CEO, Consilium Crypto (Linkedin) About this episode: On this episode our host Manseeb Khan sits down with Austin Hubbell from Consilum Crypto. They chat about how quarantine is going, the state crypto and much more. Enjoy! NCFA Canada · EP40 Why Bitcoin Exists, Adjusting to Covid-19 and Education for the Masses with Austin Hubbell BIO:  Austin is the CEO and co-founder of Consilium Crypto (https://consiliumcrypto.ai/), a big data company developing institutional grade investment analytics and liquidity access tools for the digital asset markets, helping funds find alpha and place large orders efficiently in times of thin liquidity. With a background in software development and machine learning, as well as previous tech startup experience, Austin brings a skillset balanced between the technology and business worlds. He previously worked with a distributed team based in L.A./San Francisco to build predictive models for crime hotspotting in major US cities, before transferring to the FinTech world to build machine learning based trading systems for currency markets. Enjoy! Subscribe and ...
Read More
FF EP40 Austin Hubbell banner  - Blockchain and the Future of Energy
Raconteur | Marylou Costa | May 28, 2020 Often seen as a nice-to-have, workplace learning and professional development are now gaining importance as organisations’ best shot at retaining happy staff and staying competitive The idea of working from home may conjure up images of dishevelled, tracksuited executives. But the home has actually become the epicentre of a reskilling revolution that may just save businesses from a coronavirus-induced collapse. Corporate learning providers such as LinkedIn Learning, Circus Street and Hive Learning are all reporting a spike in usage, as an overwhelming array of new business challenges puts pressure on teams to embrace remote training methods and professional development. On LinkedIn Learning, more than four million hours of content was consumed globally in March alone. Hive Learning has seen a 20 per cent increase in logins since lockdown began Circus Street has noted not just a 64 per cent increase in weekday learning, but an unprecedented 500 per cent increase on Saturdays Skills gaps that the World Economic Forum had already outlined a need to bridge, such as digital and data literacy, have now become unnegotiable. Meanwhile ecommerce and digital marketing tactics like search engine optimisation and pay-per-click advertising have risen to ...
Read More
remote learning - Blockchain and the Future of Energy
Forbes | Glenda Toma | May 28, 2020 Last December, language-learning app Duolingo surpassed the $1 billion valuation mark, becoming the fifth company on last year’s Next Billion-Dollar Startups list to do so. “Once we closed the funding round, a few of us early employees went for drinks and we just remembered all the early days where we had no idea where we were going to go, and we had no idea if this was even going to work out,” Duolingo CEO and cofounder Luis van Ahn tells Forbes in a video interview. Not only did it work out, but Duolingo has been among the companies that have been gaining during the coronavirus pandemic as bored Americans take to learning Spanish, French or the 34 other languages that it offers. Since Forbes published its 2019 Next Billion-Dollar Startups list last summer, 6 out of the 25 companies on the list, including design-software firm Figma, fintech Dave, e-commerce startup Grove Collaborative, as well as Duolingo, have reached a $1 billion valuation. Last December, language-learning app Duolingo surpassed the $1 billion valuation mark, becoming the fifth company on last year’s Next Billion-Dollar Startups list to do so. “Once we closed the funding round, ...
Read More
Duolingo founder - Blockchain and the Future of Energy
TFI and InvestHK | May 27 Toronto Finance International (TFI) would like to invite the Canadian FinTech ecosystem to join a presentation with InvestHK and RaceCapital to learn more about funding opportunities, new trends, and market entry to Asia in a post-COVID-19 world. Event Details Date: Thursday, June 11th, 2020 Time: 3:00pm to 4:15pm Location: Video Conference Speakers Chris Chen  Head of Investment Promotion - Canada, InvestHK Michal Kaczmarzki Senior Manager, FinTech, InvestHK Edith Yeung General Partner, RaceCapital Agenda: - 3:05 - 3:30pm: Presentation: “Fundraising & governmental support for Fintechs entering Hong Kong” with Chris Chen, Head of Investment Promotion - Canada, InvestHK - 3:30pm-4:00pm: Discussion: Trends & opportunities in Hong Kong, in the post-COVID-19 era with Michal Kaczmarski, Senior Manager, Fintech, InvestHK, and Edith Yeung, General Partner, RaceCapital. Moderated by Chris Chen, Head of Investment Promotion - Canada, InvestHK Q&A to conclude. Register for this free event --> Now The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in ...
Read More
TFI and InvestHK event - Blockchain and the Future of Energy
NCFA Canada | Craig Asano | May 27, 2020 NCFA SUBMISSION TO CSA ON PROPOSED HARMONIZED RULES FOR START-UP SECURITIES CROWDFUNDING (NI 45-110) The Canadian Securities Administrators (CSA) are seeking comments on proposed harmonized rules for start-up securities crowdfunding by 27 May 2020. The National Crowdfunding and Fintech Association of Canada (NCFA) welcomes this initiative. The following addresses the specifics of the proposed rules, but please see our previous submissions on crowdfunding in Canada on our website in the advocacy section for more details – https://ncfacanada.org/advocacy/. 1. Harmonization NCFA has argued for many years that CSA crowdfunding rules are unduly constraining, and this enhanced harmonization will enable a greater use of crowdfunding across Canada, help to fill a funding gap, and allow more retail investors to invest in businesses whose purpose they support. 2. Impact of the pandemic on fundraising Today, early stage Ventures are the most likely not to get funded as they lack established relationships with banks (including BDC) and they have been amongst the hardest hit by the pandemic.  Many VC funds are moving towards growth equity (later stage) investing and foreign investors mainly invest at later stages.   3. Funding cap While the maximum total amount ...
Read More
NCFA Response to CSA Request for Commments on Proposed Crowdfunding Harmonization Rules NI 45 110 - Blockchain and the Future of Energy
Sifted | Tim Smith | May 26, 2020 As coronavirus has forced classrooms around the world to move online, kids are getting creative in trying to sabotage lessons Georgina Farnham, a Barcelona-based English literature and language teacher, was just getting used to the transition to online teaching when, one day, she thought the internet trolls had parked their tanks on her lawn. Farnham was making use of Kahoot!, the Norwegian educational games app, when the sabotage struck. “We were playing a game and it kept just crashing and not giving kids time to answer the questions, and on the leader board, all of these ridiculous names that hadn’t been entered into the game as players were coming up: ‘gayboy27’, ‘Covid-19’ — offensive names,” she explains. See:  58 Must-Read Remote Work Resources | 50 Great Remote Working Resources The kids said it was nothing to do with them, and Farnham got worried: “I thought someone had hacked into our game and was watching us, and I was worried for our cyber security.” Farnham quickly contacted the Kahoot! customer service team to find out what was going on. But the culprits, as it turned out, were closer to home than she had ...
Read More
Online educator and consultant - Blockchain and the Future of Energy
Koho Release | Brittany Bell | May 27, 2020 TORONTO, May 27, 2020 (GLOBE NEWSWIRE) -- KOHO, Canada’s leading challenger bank, today announced it is piloting a new Early Payroll feature that will help those under financial strain pay their bills and make ends meet. KOHO’s Early Payroll pilot will grant users free access to $100 of their CERB payment before the scheduled payday. KOHO will not charge fees or interest. The company hopes this will provide a cushion that many Canadians could use right now to help pay bills and necessary expenses, and avoid harmful loan alternatives. “The economic impact of COVID was not equally distributed,” said Daniel Eberhard, Founder and CEO of KOHO. “A lot of lower and middle income Canadians are vulnerable right now. The KOHO team did an amazing job putting this together so quickly. We hope it helps.” In 2016 the Financial Consumer Agency of Canada released a report on payday loans that revealed the average cost of a $300 loan (for two weeks) is $63. That means 21% of the money you borrow is automatically eaten up by fees. See:  Shopify Balance Brings Banking and Cash Flow to Merchants In March, KOHO partnered with ...
Read More
koho covid adavnces - Blockchain and the Future of Energy
May 27, 2020 As real estate prices keep rising, the practice of crowdfunding your workplace — especially if you're independently funded — has never been more critical. When you crowdfund your workplace, you preserve your independence while also giving your workers and all interested stakeholders a better opportunity to mobilize and commit to the project. Community Mobilization  As evidenced by the success of coworking space co.up, which has managed to crowdfund €7,950 to build a new top floor and renovate their current building, crowdfunding is an innovative and practical way to meet your business requirements for coworking space. It has demonstrated that workers and business owners can make use of the enthusiasm of workers and coworkers to "succeed through support of other communities already wishing to benefit from this extra space," according to Alex, the community manager. His confidence is understandable; Co.up was able to double its size thanks to crowdfunding. It may be easy to consider this feat as a one-off, but other projects have shown that it is possible to raise a significant amount of money by ensuring community participation in crowdfunding. See:  SEC Gives Break on Crowdfunding Rules for Some Small Firms For example, organizations such as ...
Read More
Crowdfund your workplace - Blockchain and the Future of Energy
Forbes | Randall Lane | May 26, 2020 In a matter of weeks, Covid-19 spurred seismic shifts in how we work, learn and transact, and it helped usher in a new era that is smarter and fairer. The surreal year 2020 produces a personal Groundhog Day effect. The clock moves at one-quarter speed as the time-numbing diversions and necessities of a century ago, from jigsaw puzzles to yeast, fly off the virtual shelves. Simultaneously, though, the world is transforming at a pace unlike any experienced since World War II. In a matter of weeks, seismic, permanent shifts have occurred in how we work, learn and transact. The most significant shift is taking place in our economic system itself. See:  OpEd: IT’S TIME TO BUILD Capitalism, the greatest engine for prosperity and innovation ever created, was already under strain before the coronavirus pandemic. Despite a decade of impressive economic growth and job creation, a plurality of Americans still reported feeling as though the system was rigged, that hard work and playing by the rules no longer ensured success. “It is scary when you had the lowest unemployment, the lowest African-American unemployment, the lowest Hispanic unemployment, the lowest women’s unemployment,” says Michael Milken, ...
Read More
greater capitalism - Blockchain and the Future of Energy

 

share save 171 16 - Blockchain and the Future of Energy