Blockchain could be used to cope with increasingly complex electric power systems. Because the electric power sector is highly regulated, policymakers will play a crucial role in determining how much of blockchain’s potential can be realised. In order to effectively regulate blockchain, policymakers should first invest in understanding it.
Can we think of decentralized way (using technology and policy adoption) of using this technology. If yes, what could be the possible impacts??
https://consensys.net/blockchain-use-cases/energy-and-sustainability/
any question:
Hi
Please check the following link. It describes the process in details. I believe it will help you.
https://consensys.net/blockchain-use-cases/energy-and-sustainability/
Regards
Hello Ravi Verma ,
As I understand it, processing blockchain transactions is very slow and requires enormous amounts of energy. At least, that is what I have been led to believe with respect to processing transactions for cryptocurrency blockchains, e.g., Visa or Mastercard credit card transactions process several orders of magnitude faster than cryptocurrency transaction processing.
Regards,
Tom Cuff
Thank you all for your valuable inputs. Blockchain is an integral part of Industry 4.0 along with other growing technologies such as AI, Digital twin, etc. I have had a bit of knowledge about the cryptocurrencies. Is it true that the blockchain transactions are too slow.? Is this question of slow transactions only applicable to bitcoin and ethereum platforms? Are there any other ways to optimize it?
Ravi Verma , If we leave permissionless Blockchains like Bitcoin and Ethereum, and go towards Permissioned Blockchains like Hyperledger Fabric, we can achive a faster TPS without much electricy consumption. The Permissioned BC doesn't need costly consensus mechanisms and thereby avoid needless electric spending. There are also public and permissioned Blockchains like Hedera Hashgraph which achieves incredible speeds but not comparable with centralized systems like Visa or Mastercards
Ref:
https://www.hedera.com/
https://medium.com/@micobo/technical-difference-between-ethereum-hyperledger-fabric-and-r3-corda-5a58d0a6e347
Dear Ravi,
This is a fast-moving area of R&D, therefore it is required to improve understanding and realize their potential. it is a distributed ledgers, a developing technology that has drawn substantial interest from energy supply firms, startups, technology developers, financial institutions, national governments and the academic community.
Technology has the potential to transform the energy sector. It has the potential to improve efficiencies for utility providers by tracking the chain of custody for grid materials. Beyond provenance tracking, blockchain can offer unique solution for renewable energy distribution. Drawback of the current designs run on algorithms and that can consume up to high power 215 kWh per transaction and this requires huge computing power. Current blockchain designs are extremely difficult to develop and its maintenance.
Ashish.
Blockchain can play a huge role in tarif system. But the function of minner which in case of bitcoin leads to a profitable startup will be a huge challenge for introduction of same in this area. The ledger formation in fact is a slower process becuase the hash function is required to be generated. Same minner issue. Therefore a overall system is required to be developed to make the process fast and infact a good storage is also required.
Hello Ravi Verma ,
There is a very good series on the use of blockchain on Amazon Prime. The series is titled: Next: Blockchain and it has six episodes and the total run time is about six hours: https://www.amazon.com/Next-Blockchain/dp/B07C7S751X . I found it extremely helpful because it spends quite a bit of time on miners, their hardware (AntMiners), the evolution of the mining hardware, mining speed, mining energy requirements, economics of mining, mining farms, alternative uses for blockchain, etc.
Regards,
Tom Cuff
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