The increasing population and technological progress have led to increasing demand for energy that led to questioning the sustainability of traditional energy sources. Although the renewable energy industry has made spectacular progress, it is insufficient for the global power industries. CEO of HashCash Consultants, Mr. Raj Chowdhury highlights the use of blockchain-based solutions in the following sector. He shares how the technology will address the problems by eliminating third parties, reducing extra costs, and overall optimization.
Why Do Global Leaders Recommend Optimizing Energy Utilization?
A report by the UN shows a surge of 68% to 601.7EJ in global energy supply since 1990. Today, natural gas, oil, and coal are the major fuels in use adding up to 490 EJ of total energy supply. Any sudden shift will turn the world to a pause. Therefore, various global leaders are voting for optimized energy utilization by depending on renewable sources. Blockchain is a shared ledger technology that proves to be a critical solution to increase productivity across various sectors of the energy supply chain.
CEO of HashCash Consultants, and noted blockchain pioneer, Mr. Raj Chowdhury asserts, “Blockchain utilizes cryptography to store transaction records within blocks. An immutable and tamper-proof distributed ledger accessible to all the network members increases operational efficiency across traditional electricity grids.”
Blockchain technology has already made a significant impact in various areas. These include energy data management, peer-to-peer energy trading, and commodity trading, including gas and oil industrial sectors. Not only the energy supply chain, but the technology has also transformed several industries. Therefore, utilizing the technology for sustainability and the environment will be a wise choice.
“Blockchain is already being used for building trading platforms for commodity and energy. Data stored in blockchains are transparent and validated through majority consensus removing chances of error or fraud. It is also under active consideration for building microgrids featuring distributed energy resources,” concluded Chowdhury. He has previously stressed the importance of viable climate tech solutions and the potential of blockchain technology in carbon reduction.
Blockchain technology is optimizing the energy sector by attracting investors in research and worldwide implementation and boosting productivity. Organizations continue to promote business opportunities and growth with technology. The technology may be used in a larger aspect in the coming years.