Because solar power wasn’t introduced into the world yesterday, the policies put in place years ago are now somewhat outdated. The structures, regulations, etc. were made decades ago when solar power wasn’t as prevalent and didn’t account for the advancement of technology and renewable energy.
What is Blockchain and How Does It Work?
Blockchain at its core is a digital ledger. Information is stored on each block that is passed through the chain, and everyone and anyone can access it. All the data is shared across the network, so everyone will be informed about the origin if modifications are made, and any activity within the chain. It is thoroughly scanned for optimum security.
Each hash within the block is similar to a fingerprint, and each block has its unique code. Once something is modified within that block, the hash changes and notifications are sent out to everyone. One crucial security aspect is that the previous hash is always contained after alterations to ensure safekeeping.
How Will It Work for the Solar Industry?
For starters, homeowners will have more control over how the energy in their homes is being consumed, according to Renewable Energy World. Currently, any excess power generated by the panels is reported back to the utility. Although that relationship was a step in the right direction, there is so much more opportunity to take within the solar market.
An example of how the blockchain could benefit group projects is when all unused energy from a single structure is sold to neighboring buildings becomes a tricky deal. With the digital ledger, all transactions can be managed and stored online with any discrepancy or misinformation.
Producers will have the ability to raise capital by issuing their energy tokens, and investors can consume the energy or resell when production is closer. Blockchain could be the key to overcoming the roadblock in smart technology and accelerate interconnectivity.
The decentralization of data means highly efficient, smarter homes that are more secure. The advantages that blockchain presents in the industry for producers, investors, and consumers allow one central area to hold all the information without a hiccup. Energy management will be a breeze with this innovative technology, and it’s one more step into the future of renewable power.
Yarotek recognizes that along with people accepting the advancements of solar power, blockchain will sweep the market as well. Although it puts a spotlight on the renewable energy