Blockchain as a Tool for Solar Power Distribution

Categories: technology, economy, governance

What? The state of New York wants to give residents the ability to sell solar power directly to neighbours. The state is working on replacing the present centralized power grid model with a distributed platform. To achieve this, the state is incentivizing utility companies to work with a new breed of distributive start-ups. For example, through a competitive bid process, New York gave $100,000 to successful distributive start-up applicants to conduct feasibility studies, and will provide up to
$5 million to winners to complete their projects. 

So What? Similar government actions could facilitate the success of startups like LO3 that want to help residents buy solar power from neighbours in addition to--or instead of--relying on a central utility. LO3 is creating a payment infrastructure that will include Ethereum transactions, peer-to-peer payments using a digital currency. Such a model, while undercutting traditional utilities, could also create use for an app that monitors energy prices for when to most profitably sell or buy energy, with homeowners storing power in home battery systems.

Source: Coindesk - "New York's 'Energy Czar' Talks Future of Blockchain for Energy Grids"

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