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The combination of solar energy and blockchain can decrease maintenance costs and optimize the current process.
FREMONT, CA: Today, solar and blockchain developments are both state-of-the-art, emerging industries. Every promise to offer new products along with optimizations of the current processes will be delivered. There is considerable debate between business and broader society concerning these two industries, but significantly less about their combined potential. Although by combining them, a real energy revolution and massive solar deployment can be possibly accomplished.
Why blockchain could be brilliant for solar
While blockchain's mechanics are very complicated, like solar, an excellent basic blockchain concept is necessary. It is a digital accounting system that each consumer can access and connect to a peer-to-peer network while being restricted from changing existing data entries.
Blockchain is a record system that is easy to access and transparent while still being trustworthy and safe. It is used to make transactions with others by using cryptocurrency. In several ways, it is the ideal framework for the development of renewable energy.
In particular, blockchain's peer-to-peer decentralized-nature may provide a beneficial response to the current problems that is witnessed worldwide within energy networks. It is more or less guaranteed that emerging large-scale solar projects like solar farms would be linked to the city's primary energy grid.
The conventional energy grid is still centralized and remains subservient to it, even though solar power is widely used on a small-scale basis, such as generating energy in residential and industrial buildings. In view of the demands of this new age of renewable energy, this old scheme is inherently flawed.
Power is expected to be generated at centralized sites, such as a power plant. The possibility of connecting several homes to solar power can bring tremendous stress on the network.
The problem is especially relevant to power outages and shortages, particularly if they are perceived as the result of a quick transition to using more renewable energy while simultaneously eliminating fossil fuel sources. But a combination of solar and blockchain might help fix these current issues by decentralizing networks.
The movement to implement renewable energy is global, with potential demand in developed and developing nations for a combination of solar and blockchain. The chance to pursue new energy projects for developing countries could potentially put many residential and commercial buildings online for the first time.
Doing it with combined solar and blockchain ensures that maintenance costs will stay low for the government in the future. The electric bills will remain constant for the customers, not increase by adding new expenses to the living demand.
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