Over one in four people believe that individuals should take the lead on environmental issues. As renewable energy sources and their usage show steady growth every year, the rates are slow and option remain mostly unavailable to many consumers. Current regulated markets and infrastructure allow power companies to exercise a monopoly over energy generation, distribution, and billing. What if there was a way to give the power to the people?
Blockchain smart grid stands out as an innovative concept for the potential foundation of a consumer-based energy market. Blockchain technology, known best for getting the cryptocurrency industry off the ground just a few short years ago, has been making headway as a solution-maker in dozens of other areas as well. Supporting a peer-to-peer sharing environment, blockchain smart grid could put the control of energy needs into the hands of the people and loosen the iron grip of utility companies. Computer modeling forecasts demand, increases efficiency, and lowers cost for consumers to have the option of choose exactly where their energy is sourced from. Operating like an energy stock exchange, customers will be able to purchase energy at variable rates set by the market, not dictated by central agencies focused on profit.
As the concept of blockchain smart grids grow and develop, the demand for access to renewable energy will only grow. This infographic details the current state of our energy needs, our continued dependence on fossil fuels and coal, and how digital and energy technologies evolving together can break the destructive cycle.
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