Blockchain Technology to Transform the Renewable Energy Sector in Korea

Feb 10, 2020 at 13:40 // News
Coin Idol
Korea to combine blockchain and renewable energy

There is a blockchain-based project in Korea that combines distributed ledger technology (DLT) and renewable energy. This project is potentially able to solve problems and issues of the modern renewable energy industry.

In a nutshell, it's about renewable energy. Data will be collected from solar-related places and supports the construction and management of power plants. Renewable energy data is of great importance, if you have never known it. An effective blockchain-based project will be designed to provide a variety of benefits, including facilitating information exchange among industry participants and improving profitability through objective data from power plants.  

Cryptocurrency Transactions

In the case of hydro and coal-fired power, there are a lot of projects from governments, institutions and large companies. On the other hand, the solar plant is an investment that the public can make. In fact, there are not many places where solar plants are installed in homes and used as electricity, and the remaining power is sold to other users. Although solar plants are installed, it is difficult to identify or fix the cause when a failure occurs. Ready Platform can connect them to various contractors and electric companies. Ready cryptocurrencies in the country can be used in this process and Korea wants to build a token economy.

Is It Possible to Trade Power with Cryptocurrencies?

Currently, electricity trade between individuals is not possible in Korea. However, like Japan, the electricity trading market is expected to open to the public in the future. In this case, the importance of energy data management will become even more important. In addition, when the power trading market is opened, the blockchain can also guarantee the transparency of transactions. Cryptocurrencies are initially thought to be used for fee savings or ancillary, but in the future they will be used for electricity transactions.

Blockchain projects related to this have been launched in various parts of the world, for instance, last year, Elon Musk, rolled out a similar project in the USA to increase Bitcoin mining. The energy from this source actually helps to minimize the costs and help to conserve the environment, as с, a world blockchain news outlet, has previously reported.

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