This episode of Blockchain Token; Which is it? covers PowerLedger! In this series, we will cover the different types of blockchain platforms and cryptocurrencies on the market right now. We’ll give you a quick description of each blockchain/token, its function, who is their competition and where you can learn more.
PowerLedger is a blockchain-based solution that aims to decentralize how electricity and other utilities are sold. By incorporating blockchain technology, PowerLedger believes that by by-passing traditional power providers, of which many people have very little choice, and letting users sell their excess electrical supply, we can create a better electrical grid system.
The Next Big Energy Revolution
The green revolution has finally arrived at the energy sector. While many industries have moved towards more environmentally-friendly policies, the energy sector has seemingly been slow to the party. Now, though, experts agree we are just entering into a new age of energy management.
Over the years, we have dabbled in many types of energy, including “dirty” ones like coal and fossil fuels. With the advent of other cleaner energies, such as wind and solar, technology has struggled to keep up with management of power supplies. For years, centralized power companies brokered the price of energy on a given grid, ultimately setting the prices as they see fit. As a result, the traditional providers of power have lined their pockets at the expense of the consumer.
Energy Sales – Giving Power Back to Consumers With Blockchain
Energy sales are a heavily regulated market, with both local and large companies occupying the space. These big enterprises are in for a real shock: they’ll no longer be able to manipulate energy prices as heavily as they are currently. Of course, this isn’t right around the corner, but it’s coming! What’s going to drastically change the landscape of the energy market, you may ask? Blockchain technology.
Quite literally, it’s bringing a new wave in the energy revolution, in which both utilities and individuals alike play economical roles as producers and consumers of a certain commodity. In this case , the commodity is electricity. Today, electricity is sold through a facilitated dealer. People can buy and sell energy directly to one-another via blockchain, eliminating the need for a middleman entirely. Basically, it makes a peer-to-peer energy trading system a reality.