How blockchain can give us better power grids

How Blockchains Could Power Better Power Grids

Blockchain — a global leading software platform for digital assets, a digital ledger designed to virtually record financial transactions, as well as everything of value. Originally created for Bitcoin, the blockchain technology is now looking for its other uses. Not all blockchain operations are about Bitcoin or some other cryptocurrencies. Blockchain has many other opportunities, such as smart contracts and other transactions.

The blockchain database is distributed across a network of computers, leaving no place for hackers. Its system is completely transparent, where all users can see the transactions and changes made on the public blockchains. That is why many industries are working on blockchain implementation into their sectors. One of these industries is the energy industry.

The current process of energy innovation contains blockchain.

Today, we are looking at the next step for the blockchain technology, as it is considered as a prospective player in the energy world. Blockchain can help us to have a better and modernized power grids.

It is possible that the blockchain will be used to distribute or fund power sources, because it is a great tool for modernizing the power grid. Utilizing blockchain in power means that blockchain attempts to improve the current power grids by making them smart power grids.

Technology improves our lives every day. The blockchain is a decentralized network that helps in securing the information while allowing users to see what data is stored on a blockchain. Therefore, the blockchain technology can be a great solution for electrical companies to create their smart power grids.

When some sector suffers a failure, every process is brought through a dead end, and the people are working on repairing the grids to continue their work. Power outage could cause profit loss, and a fallen power grid is considered as a horrible task for the companies that could take a lot of time to fix.

How can blockchain prevent failures in power grids?

The process of tracking a failure in power grids will become better with blockchain. Power grids will be able to communicate, and it will be easy for them to notify companies in case of a failure or a blackout. One of the reasons why blockchain seems to be a promising application is because the power grids will be able to quickly transfer their status to the companies so that the companies can detect problems faster.

With usage of modern technology and smart blockchain network, power grids can be able to send suggestions to the authorities on what tools and devices are need to bring the power grid back in normal, working condition. Moreover, if a company suffers a failure, the repairing process will be shorter and faster with blockchain.

We believe that utilizing blockchain in power grids will be a successful process because blockchain can reduce the losses created by companies when they have a working failure. Not only that the blockchain can inform authorities about present or potential failures, but it can store information about everything connected with the power grids, including the past issues. Storing such information will improve the transparency as well as it will allow users to see if a power grid needs some changes, renovations, or new installations.

Blockchain technology enables the customers to anonymously notify the company about some power blackout. This will improve the power grids and will lower all of its failures, while reducing the company’s losses. There are many companies and governments, as well as energy experts, which have seen the benefits of blockchain in power grids as a solution for all failures and disruptions.

Energy Premier recognizes the importance of blockchain in power grids. That is why our platform is a blockchain-based platform for electricity trading, while utilizing EPC tokens and smart contracts. We believe that the blockchain is the future of the energy industry and for that reason we are offering you a new place for electricity bidding followed by blockchain.

The use of the blockchain technology makes Energy Premier completely trustworthy and reliable place. The blockchain not only ensures that tokens that are sent to a recipient are delivered within seconds without third parties, but it also provides added security due to smart contracts, while eliminating potential for fraud.

We are currently launching a presale, and the crowdsale starts on May 16th. Moreover, we have a Bounty Program as a reward to all of Energy Premier participants and contributors. Discover what we offer you and send us a feedback!

Thank you for reading.Subscribe to the largest electricity bidding platform and keep up with our updates. Participate in discussions on our Telegram channel as well: https://t.me/joinchat/Hq0j1hDxZ3eRKFNo5f7oTwJoin the pre-sale and crowdsale here: https://tokensale.energypremier.com/

How blockchain can give us better power grids was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.

Publication date: 
04/11/2018 - 16:40
Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.