Blockchain promises to be used to manage trading of renewable energy stocks. It can be used to track the quantity of energy stored in any utility scale storage site. I can be used to track any quantity of renewable energy generated by the wind turbines or solar facilities. As renewable energy initiatives are effective, the oil and gas industry will face declining revenue and ultimately, by 2033 be a minor player in world markets. The prospect of declining revenue is not easily embraced by a thriving business and the executives in those businesses have trouble getting their arms around the difficulties they have in embracing next-generation utility scale battery technology.
Zero-carbon emissions mean that no carbon is being produced from fuel burning to get power. Blockchain is promising for banks and corporations as they figure out how to use it to manage renewable energy resources and utility scale energy being stored. By combining many users or companies on one blockchain, or ledger, transactions can be done in near real-time, promising to make energy storage a more viable industry.
The governments have been ineffective in implementing energy storage. The businesses, Google, Amazon, JPMorgan, Microsoft, and others have been effective in implementing green energy. Zero-carbon electricity worldwide is provided by 100% renewable energy supplies backed by utility scale storage systems. Utility scale energy storage is an essential aspect of achieving a no-carbon world energy profile. The renewable energy from wind and solar is intermittent, so efficient storage in needed to make it work. This storage has finally become an asset, something that can be financed and paid for over time by businesses.
This shift in the power industry is one that can be embraced by the existing oil industry, or it can be ignored. If the oil industry chooses to ignore the next generation technology, those companies go the way of the buggy whip manufacturers at the turn of the century in the US in the early 1900’s.
Key Points in this PowerPoint:
- Real-time energy exchanges
- Generates support for utility scale energy storage
- Blockchain supports transaction based distributed ledgers
- Siemens driving prices down on utility scale energy storage flow batteries
- Tesla sees the future of energy storage of renewable power
- People want clean energy systems
- Storage systems enable profitability and reduce project risk