MAKING THE PLANET GREEN, BLOCK BY BLOCK

neferpitou (48)in #bitcoin • 6 years ago (edited)

Right now the world over, there is an economic shift brought about by recent technological innovation. Blockchain technology brings together millions of people from around the world rethinking the way humans interact personally and commercially. Climate change has been one of the hottest topics of the past half-century. There are multiple attempts to contribute to protecting our planet, proposed by research institutions. The innovation of blockchain technology has unlocked new possibilities in the renewable energy movement that were hitherto unknown. Each and every day energy demands ar growing exponentially, and we need to have a scalable energy production to meet these demands. Energy is the driver of the economy, playing an important supportive role in enabling the other infrastructure components to be enabled. This can not only attract industrial activity but also vastly improves the quality of life of people living in marginalized areas.

So, how will blockchain technology improve energy sector?

Blockchain technology creates an immutable ledger through which anyone can be able to follow all the transactions on the network. Important guidelines and rules are coded into the underlying protocol and the network runs autonomously, rewarding individuals who verify transactions otherwise known as secure the network with tokens which can be exchanged for value or real world currency.
So far renewable energy has been a reserve of small scale production. Individuals and corporations can be able to generate electricity to meet their local needs but they are not able to supply their surplus to others who might need electricity but cannot receive from the main grid. The limitations of the current energy sector can be broken down into two:
The current energy supply is short, especially in the third world countries.
Downtime due to maintenance and vulnerability of centralized management meaning they are not 100% reliable.
In terms of money, this translates to losses in the millions of dollars annually. And also creates additional overhead costs taken to prevent future losses.

ELONCITY: Trustless energy marketplace

Blockchain technology can be leveraged to create a trustless peer-to-peer energy marketplace. Individuals who are able to generate their own energy through solar panels or wind energy or any other renewable mode of energy can be identified uniquely and in a tamper-proof manner recorded on the blockchain. Through a common marketplace they can be able to sell to other customers who need the power.
✅New appliances driven by direct current, removing the conversion of power from the process of power generation and distribution.
✅The metrics for the sale of the electricity are hard wired into the blockchain protocols and smart contracts are used to facilitate the transactions in a trustless manner.
✅Eloncity employs a unique artificial intelligence algorithm model for calculation of the cost of power in real time. This ensures a fair valuation of the energy provided by taking into account metrics such as the demand and supply, cost of generation and so on.
✅Smart storage systems utilizing Internet of Things technologies are used to weight the demand and supply of electricity.
The barrier to entry is very low with individuals only needing to have unique devices developed by Eloncity known as the Pomcube. This enables them to be part of the network. Soon enough they can begin transacting on the marketplace. Users are not only motivated to be part of the green movement but they can also be able to earn on the side with little intervention.
Such a decentralized power grid is something new, and Eloncity goes a step further to improve on a variety of blockchain initiatives who have ventured in this space.

What makes it so unique is that more and more people are encouraged to be part of the network, and there is no cap on the amount of power one person can be able to generate. This empowers the small guy and takes away from corporations which charge very high fees for the service they offer. Infinitely, this model is scalable meaning it is very easy to upgrade and scale the production of power unlike the hitherto used central management.

Eloncity World Tour

Eloncity has been on a promotional tour around the world, educating people on its innovative platform. Indeed, the success of the project is pegged upon engaging with a global community. Some of the recent updates can be followed from Eloncity’s presentations in Korea and Vietnam.