Blockchain may be a potential “significant enabler” for UK solar, said Solar Coin`s co-founder Francois Sonnet. The Solar Coin is an altcoin that r
Blockchain may be a potential “significant enabler” for UK solar, said Solar Coin`s co-founder Francois Sonnet.
The Solar Coin is an altcoin that rewards people for using solar energy. Started in 2014, the company aims to increase solar electricity use on a global level in the next 40 years.
According to their co-founder Sonnet, Blockchain technology can be used in various areas such as O&M and peer-to-peer energy trading, wrote solarpowerportal.co.uk.
“[With] blockchain… you can tally any form of data. It can be transactions in the case of solar, or solar energy data as well. To the extent that you use it for that, it can be an enabler for O&M in the case of the solar industry, anything which is related to peer-to-peer energy energy transfers – that’s certainly going to be a very big enabler because the latencies, the fluidity of information is actually much higher than it is from other systems.”, he added.
Blockchain technology has been known to have a shared database that automatically collates and distributes data via the so-called “blocks”. In this way, transactions between individuals may be faster and simpler.
As for energy utilities, they have been investigating Blockchain`s potential to revolutionize the way they bill consumers for their energy consumption. However, Sonnet stated that Blockchain may also be used to influence the way solar asset managers monitor performance. Further, it can even allow for more significant adaptation of smart grids which share electricity between different generators, according to the publication in solarpowerportal.co.uk.
Still, the potential of Blockchain may be realized through better understanding and legislation. Otherwise, Blockchain adaptation will not happen in the near future, commented Sonnet.