Blockchain has been touted as the next big technological advance - impacting everything from online transactions to e-government. But what does it mean for renewable energy?
Essentially an online register that securely stores information, blockchain serves as a repertoire of knowledge accessible to everyone. Rather than being controlled by one entity, blockchain is spread across multiple computers and uses a form of data logging to ensure that the information cannot be changed or corrupted by anyone else. By decentralizing data and protecting the way it is manipulated, blockchain promotes transparency and the sharing of information. As such, the record has immense potential in helping shape a wave of new technology and our ability to interact with it.
Blockchain has served as the go-to platform for the online currencies that have created a lot of hype as an alternative form of legal tender. Whilst they are often mentioned in the same breath, blockchain is far more than just a platform for cryptocurrency. While energy-intensive cryptocurrency mining has caused a spike in carbon emissions, blockchain is a blank canvas capable of driving innovation in the field of green technology . Startups and major companies alike are looking to unlock the potential that blockchain holds to catalyze the transition to green energy.
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