Scientists explore the potential for a truly decentralised energy system

phys.org | 12/13/2018 | Staff
jster97 (Posted by) Level 3
Click For Photo: https://3c1703fe8d.site.internapcdn.net/newman/gfx/news/hires/2018/1-blockchain.jpg

Writing in the journal Renewable and Sustainable Energy Reviews, Heriot-Watt University scientists have published one of the first unbiased, major comprehensive reviews of blockchain technology.

Interest in blockchain technologies in the energy sector has skyrocketed in the past few years, with rapid developments and significant private and public investments in projects at all stages of the maturity cycle, from technology development and user trials to actual deployments.

Form - Blockchain - Ledger - Transactions - Need

In its simplest form, blockchain is a ledger that can securely store digital transactions without the need for a central point of authority and can be shared across a network of computers. Once a block is added to the chain, it is difficult to change, making the ledger secure without a central authority.

The paper discusses how different competing technologies are delivering on their promise, as well as reviewing results from over 140 projects, start-ups and initiatives in this area, covering all areas of blockchains in energy, from transactive community energy models, to balancing and trading emission certificates.

Blockchains - Time - Cryptocurrencies - Bitcoin - Ethereum

Blockchains have been used for some time to underpin cryptocurrencies like Bitcoin and Ethereum, but the interest in blockchains in energy systems is a more recent development, which has taken some parties in the energy sector by surprise.

A growing number of industrial and academic projects have focused on the role that blockchain technology can play in building tomorrow's more resilient and decentralised energy systems.

Dr - Valentin - Robu - Associate - Professor

Dr. Valentin Robu, associate professor at Heriot-Watt University, explains: "Blockchains are often described as holding the promise of enabling a more decentralised, transactive energy system. If we can enable energy generation and use them at a local level, this could allow system operators to reduce expensive network reinforcements,...
(Excerpt) Read more at: phys.org
Wake Up To Breaking News!
Sign In or Register to comment.

Welcome to Long Room!

Where The World Finds Its News!