Could Blockchain Help Modernize the Power Grid?

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Blockchain gets a lot of press these days. We like to read about how blockchain currencies like Bitcoin and Litecoin are rocketing higher in value. However, not all the developments are about cryptocurrencies. There are other opportunities.

Blockchain also offers different application possibilities. Smart contracts and other transactions, from financial to real estate, can be accomplished through blockchain platforms. The next step for blockchain might even be to help us modernize the power grid. Distributed energy is becoming a buzzword associated with blockchain technology.

Revamping Energy Systems with Blockchain Help

Around the world, startups, businesses, and governments are looking into ways to use blockchain for different purposes. The potential for blockchain platforms is almost limitless. Plus, companies continue to look for ways to find new applications for blockchain. They tweak platforms to fulfill more purposes.

One of the possibilities is changing the way energy systems work. It’s possible that blockchain could be used to distribute power sources or fund them. In fact, according to a statement from Carl Imhoff, a manager at one of the national labs, blockchain could be great for modernizing the power grid.

“PNNL is currently working with DOE and industry partners to determine the optimal use of such resilient data concepts as blockchain in emerging market constructs such as transactive energy,” he said.

The statement also went on to talk about blockchain as “part of grid modernization efforts.” Imhoff also said blockchain could “encourage distributed power generation and storage systems.”

Not many of us think of the power grid when we think of blockchain. Our government does, though. In fact, the DOE has solicited blockchain research proposals, and there have even been forums and summits on different blockchain topics.

Blockchain is a hot topic for many. And, even as Jamie Dimon derides Bitcoin publicly, the truth is that there are plenty of banks — including Chase — quietly experimenting with blockchain applications and innovations.

Looking for Blockchain Help in Your Own Business

Even if cryptocurrencies don’t even become widespread, the reality is that blockchain can be an interesting part of your business. It can be a great tool for supply chain management, handling real estate transactions, and managing other aspects of a business.

On top of that, it’s important to realize that you don’t have to be using cryptocurrencies to make use of blockchain as a payment system. You can even send other currencies securely using blockchain platforms. There’s a reason Japan is looking into blockchain for transaction settlement.

Don’t get caught up in the hype surrounding cryptocurrencies. They might end up being a good investment. They could even become a regular medium of exchange. But don’t expect miracles.

Instead, the companies that thrive the best, and get the most out of blockchain will be those that look beyond cryptocurrencies. They will be looking at distributed energy systems and trying to figure out how to change the current game. Use blockchain as part of your innovation. You might be surprised at how it could potentially change your business.

This article originally appeared in Due.

This article was written by Miranda Marquit from Business2Community and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to legal@newscred.com.