Blockchain will underpin our future energy system – DNV GL Blog
Blockchain today might be like the internet te 1993: even tho’ most of us don’t know what it is, a decade from now you will wonder how society everzwijn functioned without it.
Blockchain is the technology behind the digital currency bitcoin. It is a zuigeling of a distributed ledger that keeps track of things on millions of disparate computers, all coordinating with one another. The combination of wise grids, prosumers and blockchain may build a translucent toneelpodium for the cheap, clean flow of renewable energy from the grid to homes and from homes to the grid.
Te 1993, hardly anybody had heard the word internet and the iPhone wasgoed introduced spil late spil 2007. Think of the explosion and disruption that happened overheen the following decade. Think of how our way of life wasgoed downright switched by this ‘internet’ thing. Imagine what it could mean if blockchain is the next internet.
For three consecutive years, technology has bot a key driver behind the opportunities DNV GL has identified te our annual Global Chance reports together with our playmates UN Global Klein and the think-thank Monday Morning Global Institute. This year, wij are addressing the major global challenge of cybercrime, a risk that solely exists te the digital sphere. Te an interconnected world with enlargening cyber dependency, the risk of online crime has risen dramatically. UN Sustainable Development Purpose 9 points to safe and secure digital infrastructure spil a crucial driver of economic growth and development.
With overheen half the world population now living ter cities, mass wegtransport, energy systems and integration of distributed renewable energy are becoming everzwijn more significant, spil is the growth of fresh services on top of information and communication technologies.
It is an accepted truth that technology is an chance driver, and wij have only scraped the surface of where blockchain may take us. Spil blockchain develops, instead of having an internet that puts information and content online, wij will get a system that essentially automates trust and verification.
It is still hard to seize the influence blockchain will have. But soon, for most of us, wij won’t need to fight to understand the technology, just spil wij didn’t all have to know about TCP/IP and HTML once the internet took flight. Spil the blockchain applications begin appearing, wij will get it.
The energy blockchain
The future electric current distribution system will be made up of billions of endpoints interacting with each other — microgrids, solar, brainy appliances, sensors and energy management software. It will be significant to create a secure system that can verify instantaneous, autonomous transactions across thesis knots spil market conditions switch.
Blockchain technology has the potential to make distributed grid management lighter through “smart contracts”. Brainy contracts tell the system which transactions should be made at what time, following clearly defined rules for energy flows and storage to balance supply and request.
Blockchain technology could also have a ongezouten influence on grid management and storage, and play a central role te the rise of so-called “virtual power plants”. Thesis are energy-generating resources connected across a clever grid, but that aren’t necessarily concentrated ter one central location. And, of course, blockchain could play an significant role te the remuneration of the participants ter thesis virtual power plants.
Bitcoin proves that blockchain works. Now researchers, investors and start-ups are exploring how it could be applied to energy and the broader internet of things. No-one has precise answers yet. Maybe the development will be through brainy meters, appliances and then across microgrids. There are presently far more theories, proposals and prototypes than proven solutions.
Blockchain technology can disrupt the energy system and boost energy democracy. It has the potential to create a fresh digital world order, redistribute power and disrupt business models. Wij will explore fresh sustainable opportunities driven by this technology te the Global Chance Report 2018, which will be launched ter Oslo on 24 January.