Smart Cities

New Paper Underlines Blockchain’s Importance to the Future Energy System

The future of our energy system is distributed and complex. Made up of billions of endpoints - microgrids, renewable energy, smart buildings, appliances, sensors and energy management software - interacting with one another in multiple ways. The future of energy involves consumers and prosumers, it handles fluctuating renewable energy sources, utilizes energy storage, and it is made up of smart “things” in a process of constant communication and optimization. In this energy future, it is essential to create a secure system that can verify autonomous transactions in real-time across these nodes as market conditions change. After one of the first unbiased, major comprehensive reviews of blockchain, the researchers concluded that the technology is “actually delivering on its promises in a number of areas directly related to energy.” The scientists, from Heriot-Watt University in Scotland, found that blockchain could “further facilitate smart grid applications and decarbonisation of the energy sector.” The news should be well received […]

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