Blockchain Technology is a method of sharing databases securely across a network of computers. 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. An entity from any site may update them. The data is secure and decentralized in a system, and information is usually shared and not corrupted by anyone.

The Need for Renewable Energy

The use of conventional energy resources has drastically increased, leading to derogatory global climate change effects such as hurricanes, heatwaves, depletion of the ozone layer, raging forest fires, melting glaciers, rising sea levels and floods. There is an urgent need for renewable energy resources.

Renewable energy is derived from Earth’s natural resources, and they are generally considered inexhaustible or non-finite. Sunlight or solar energy, geothermal heat, mechanical (wave energy) and thermal energy are some 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 specialized system in renewable energy. 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.

Decentralization – Blockchain Technology enables the system to be customer-centric, resulting in greater accountability in energy usage amongst the users.

Market Visibility – Blockchain technology allows the producer and consumer to interact with transportation logistics and energy storage challenges. 

Transparency – Using 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 make the user alert, conscious and accountable for its energy consumption.

Crowd Funding – The investors can provide capital and liquidity to renewable energy businesses and assess the utilization 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 organization’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 on 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

As one of the industry’s most recognised and long-standing organisations, Nimbus Solar Solutions 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, demonstrating the qualities of trust, reliability, and substantial industry experience.

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