As indicated by specialists from tech consultancy, Booz Allen Hamilton, the sustainable power source markets over the Gulf Cooperation Council (GCC) can be made progressively secure and cost-proficient utilizing the blockchain.
Blockchain and Renewable Energy Markets
Cointelegraph subtleties the GCC as a “territorial political and monetary association that incorporates all the Arab conditions of the Persian Gulf with the exception of Iraq.”
This body—contained six nations—is wanting to expand its sustainable power source limit over all part states by 2030. This implies an increase in 80 gigawatts of vitality and records for the greater part of the gathering’s current limit.
And this is where blockchain technology can reportedly help. Booz Allen Hamilton has named blockchain technology as the most capable innovation to cope with the “considerable technical, governance and institutional challenges ahead.”
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Such a challenge indeed lies ahead, not only for GCC but the entire globe. The world has an initiative underway to generate 50% of its energy from renewable sources by 2050.
Booz Allen Hamilton
Dr. Adham Sleiman of Booz Allen Hamilton, Middle East and North Africa, argues that blockchain is more suited to the renewable energy sector than most. This system is based on transactions between electricity usage and fares, and currently, it relies on utility operators or a central body.
Distributed Energy Resources (DER) are rising in popularity. This is a system whereby a variety of small “grid-connected or distribution system connected devices” generate and store electricity in a decentralized network.
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This type of structure is already “tending toward greater intrinsic decentralization.”
Sleiman said regarding DERs:
“DER are changing the landscape; we are moving towards a more decentralised grid, where utilities no longer fully control the system. Utilities now need to look beyond energy delivery. Blockchain applications can help with enabling P2P energy trading, tracking renewable energy, and articulating smart contracts.”
The body is trying to move forward in this manner, using blockchain innovation for the transactions involved in energy. The technology has the ability to cause “a major disruptive change that the energy sector may face within the next 10 years.”
But what do you think? It seems that there are no industries that blockchain technology can’t help with. Is it the way forward for renewable energy?