We can easily transform the centralized industry into a decentralized one by using blockchain technology and artificial intelligence. Some providers including independent and big firms are trying to locate on the centralized platform.
Electrify has the major role in simplifying the process of purchasing and selling electricity. We can easily complete all contractual agreements and can also write them on the blockchain through several smart contracts. This type of contract system can save huge transaction costs.
Electricity Retail Business
Electricity retail business is really a big opportunity in some Asian countries. The main aim of the electricity retail business is to help people so that they can easily select their preferred energy source. There are different renewable options which can be included in energy sources.
People can easily match with the right plans based on their budget and energy usage capacity as artificial intelligence techniques are developing day-by-day. The blockchain-based company is mainly available for the business purpose.
Electricity marketplaces are rising
Electrify is very popular among the investors and consumers and there is an increasing trend in the peer-to-peer electricity marketplaces. One of the greatest examples of peer-to-peer electricity marketplace is Brooklyn and the name of the company is LO3 energy.
Brooklyn Microgrid is using a separate blockchain technology and allowing customers to purchase and sell excess energy. Through blockchain technology, they can easily sell energy to their relatives or neighbors.
Purchasing electricity from the central grid is more expensive than the peer-to-peer energy sales. Consumers have different questions related to the electricity industry like where the energy is coming and from where they can allow them to choose renewable energy.
Blockchain technology, artificial intelligence algorithms can now work together for getting some exciting results. Many companies are exploring some possible ways so that they can disrupt this industry without giving so much effort.
There are different providers available in the industry and consumers are now allowed to switch between different providers. Providers are able to improve flexibility in the industry by applying blockchain and artificial intelligence techniques.
Is blockchain disrupting the electricity sector?
Blockchain technology is playing an important role in issuing more cryptocurrency. Now the electricity industry is making strong connections with the theories of the blockchain. This new technology has the tendency to disrupt the whole power trading sector because individual households are now allowed to exchange megawatts with each other.
The European electricity transmission system has a different view on the blockchain technology and blockchain will be a part of the new digitized energy platform very soon.
We all know that presently, many people are taking advantages of government subsidies for installing their solar panels in different places. This is the main driver behind the launch of Powerpeers. Customers are now able to buy electricity from individual producers.
Most of the Dutch households are in a different position because now they have the ability to install their own solar panels. Some customers are now buying green electricity but it is sometimes difficult to invest a huge amount in green electricity.
The microgrid is another important project that is aiming to create a localized system. It is using a different kind of technology and allows the local community for the peer-to-peer trading of electricity.
By using this technology people can easily search for some more interesting way outs to solve different fundamental problems related to the internet based currency. One of the most important problems is how do we prevent cheats from some duplicating coins. We can easily solve this problem by creating a distributed ledger of transactions.
Now we can easily verify all new transactions by using this new technology. This technology has an added advantage so that some people can produce the solar power and some others can easily consume electricity. They don’t need to ask anyone during the transaction process.