Increasing Use of Blockchain to Ensure end of Traditional Utility

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Blockchain

In the last few years, blockchain has gained immense popularity across the globe. When utilities think that rooftop solar panels and batteries were considered bad for business, then the use of blockchain is going to change their beliefs.  This is because in addition to the supporting a large number of people slap panels on their rooftops, which actually ends up in increasing their taxes grids and power sales. However, the distributed, digital ledger that’s proliferated across several industries can be used for trading electricity that too without a utility. A person can imagine this situation in a scenario, if their neighbor is having a solar panel and he can actually sell you cheap power in order to charge your Telsa.

Blockchain to offer Several Benefits in Comparison with Traditional Utility

On the other there are several utilities that are making use of blockchain for their own advantage and others ignoring it will also end up in losing business to new and advanced hyper local energy suppliers. This can be done by using a powerful tool in order to manage billion of data points which are cheaper and faster.

According to the researchers, the entire infrastructure is changing and if the utilities don’t embrace it and play a role, then they will eventually witness their business to sink at a slow pace. According to the data given by BNEF, it is expected that aroun$9 trillion will be spend on the fulfilment of zero-carbon power generation project by the end of 2020. Some of the things which may be disrupted after making use of blockchain are no need of more power line, can do trading with neighbors for cheap power, and will be able to manage the grid.

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As Head of editing at CMFE News, Rohit brings to the table over a decade of experience in Industry research and Internet marketing. His dedication, perseverance, and passion for perfection have enabled him to achieve immense success in his field. Rohit is an expert at formulating new business plans and strategies to help boost web traffic. His interests lie in writing news articles on technology, lifestyle and business.

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