Blockchain technology is a method of securely sharing databases across a computer network. It can be interpreted as a spreadsheet duplicated thousand times over, stored in a network distributed across multiple locations. The shared and stored data cannot be ratified or modified without the consent of the participating members of the network. The data is secure and decentralised in a system, and information is usually shared and not corrupted by anyone.
Blockchain technology possesses significant applicability in renewable energy, especially solar energy. As a solar energy company in Kolkata, Nimbus strive to leverage the technological edge to provide world-class solutions to our clientele across India. As such, blockchain technology could prove a valuable tool in our efforts.
The need for renewable energy
The use of fossil fuels has drastically increased, leading to worsening global climate change effects such as hurricanes, depletion of the ozone layer, and rising sea levels. There is an urgent need for renewable energy resources.
Renewable energy is derived from earth’s natural resources, generally considered inexhaustible or non-finite. Sunlight or solar energy, geothermal heat, mechanical (wave energy) and thermal energy are examples of renewable energy sources. They are an excellent alternative to conventional energy resources and are more environmentally friendly.
Blockchain in renewable energy
Although renewable energy resources are abundant, their adoption is hindered by infrastructure, accessibility, and initial cost challenges. It requires advanced technological integrations and implementations to combat these challenges. The inevitable answer is to use a cryptography-based blockchain specialised system in renewable energy. As a pioneer amongst solar energy companies in Kolkata, we at Nimbus inspire to make solar energy more accessible. As such, we believe that the different aspects of nodes, smart contracts and tokens will facilitate the implementation of blockchain technology in renewable energy.
Benefits of blockchain technology in renewable energy
Microgrids – Using blockchain technology, small or medium-sized businesses may develop and own microgrids. Microgrids would effectively address the challenges of the over-dependency on a central authority or a central grid.
Smart meters – Blockchain technology facilitates the adoption of smart meters, which provides data transparency on energy rates and usage. They can be controlled by smart contracts, even to the micro-level of a residential energy meter.
Decentralisation – Blockchain technology enables the system to be customer-centric, resulting in greater accountability in energy usage amongst the users.
Market Visibility – Blockchain technology allows producers and consumers to interact with transportation logistics and energy storage challenges.
Transparency – Blockchain technology in the renewable energy sector will enable transparency in the system and raise individual awareness. The end-users can now know the accurate real-time energy usage data and its impact on climate change. They can also track their usage in the blockchain. The system’s credibility may alert the user, conscious and accountable for its energy consumption.
Crowdfunding – The investors can provide capital and liquidity to renewable energy businesses and assess the utilisation of energy based on tokenisation and blockchain applications. The initial investment challenge can thus be leveraged positively in this manner.
Tokenisation of carbon credits – A carbon credit equates to an organisation’s emission of 1 metric tonne of carbon dioxide and other greenhouse gases. The harmful effect caused by a company on the earth’s atmosphere can be tokenised. It can help raise awareness about reducing the carbon footprint. Mainstream adoption of renewable energy resources is the need of the day, which can be facilitated by blockchain technology.
Nimbus solar: Bringing innovation to renewable energy
Nimbus solar solutions is a solar energy company in Kolkata. As one of the industry’s most recognised and long-standing organisations, it has proven to be a one-stop shop for all its end customers’ solar objectives.
This dynamic organisation is committed to offering world-class services and products to its selective clients across all verticals. It demonstrated the qualities of trust, reliability, and substantial industry experience expected from a leading solar energy company in Kolkata.
For more details, visit www.nimbussolar.in