- Blockchain technology can help to manage the integration of renewable energy with traditional energy resources
The Toronto and Region Conservation Authority (TRCA) in the Ontario Province of Canada has teamed up with the blockchain firm Insolar to utilize blockchain technology to manage renewable energy resources, and specifically the integration of renewable energy with traditional energy in the power grid. This is part of Ontario’s plan to replace 30% of its conventional power with sustainable resources over the next 15 years.
Insolar has developed the highly scalable and secure blockchain platform Assured Ledger, which will help coordinate the utilization of renewable energy at the right time and at the right places. Essentially, conventional power is still necessary in order to ensure the power grid runs 24/7, and renewable energy will only be utilized during times of high power use.
Basically, blockchain technology will be used in this case to optimally distribute renewable energy resources, helping renewable energy producers to have increased profits while simultaneously lowering power costs for consumers, in addition to preventing power blackouts and reducing peak loads. In other words, blockchain technology in combination with renewable energy will help to make Ontario’s power grid more efficient and balanced.
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