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Washington Examiner: Energy industry looks to take blockchain beyond Bitcoin 

Posted by Advanced Energy Economy on Sep 11, 2018

This Washington Examiner piece highlights AEE’s take on energy blockchain opportunities and issues for the industry, quoting AEE's Lisa Frantzis, senior vice president Link to the full article here. Register for (or listen afterwards to) the Sept. 26  Webinar - Blockchain in Advanced Energy: Applications, Opportunities, and Challenges to learn more about this emerging technology. Register here

Excerpts below:

September could become the month that blockchain moves from being associated with Bitcoin mines — and potential higher energy costs — to breaking into the mainstream of how the energy industry does business...

...So, what is blockchain? Basically, it’s a decentralized way of storing and verifying data without too many human hands getting in the way. At least that’s the idea.

The “block” refers to a block of data, which is placed in a chain that can be stored locally or a half a world away on a server or hard drive. It is most commonly referred to as a digital ledger...

...Experts say interest in the technology started with utilities getting requests from customers who had increased power demands for the large servers and computer farms needed to generate the Bitcoin cryptocurrency using blockchain, known as bitcoin mining

That initial reaction was one of fear over stressing the local power grid due to the overwhelming demand from electricity that comes from the Bitcoin enterprise.

“We had one … public power entity, that was very concerned about the volume of requests he was getting for power to get bitcoin mining in his service territory,” said Lisa Frantzis, senior vice president at the Advanced Energy Economy, a business group working to make energy cleaner and more affordable…

…The businesses that Frantzis’ group represents see the potential in using the new blockchain technology to manage everything from solar arrays to electric vehicle charging stations. Energy efficiency programs that dial down electricity use when the grid is stressed, and big-battery electric grid storage would also benefit, she says.

The Advanced Energy Economy joined forces with the Energy Blockchain Consortium to form a collaborative to begin advising local governments, state authorities, businesses, and others on where the opportunities may be for energy management using blockchain.

 See the complete Washington Examiner story here.



Topics: United In The News