How Blockchain Technology Could Improve the Green Energy Market

Researchers from the Economic and Social Research Institute based in Ireland recently proposed the use of blockchain technology to improve the incentive program for green energy management. They proposed tokenizing the interaction between energy producers and consumers.

They propose that green energy producers such as wind farms can sell ownership in a project to consumers via non-fungible tokens. Besides that, they proposed the use of smart contracts to automate the entire process.

Power companies have been increasingly using blockchain technology to monetize their investments in green energy. For instance, KEPCO, the second-largest power company in Japan, recently extended its trial of a blockchain-powered renewable energy-trading platform. The company utilizes the platform for the transaction of non-fossil fuel value certificates, which provide energy retailers with proof that the energy covered by the certificate came from green energy sources.

Related posts:

I felt it last night. I felt that this Debate was extraordinary. I was hoping that Michael Bennet would not have his last name as it reminds me of Jules Bennet. I think Michael should at least have…

The word Cancer really alludes to numerous illnesses, not one. Truth be told, there are more than 100 kinds of illnesses referred to on the whole as Cancer. What they all have in like manner is the…

I remember the days leading up to the day my sister left to take on the real world. We knew after she graduated that we weren’t going to have much time for a graduation party, so we had the party…