@LifeWithBlockchain: Individuals electricity network – Blockchain technology offers the chance to become independent from big energy companies

@LifeWithBlockchain: Individuals electricity network – Blockchain technology offers the chance to become independent from big energy companies

PAIN POINT:
Many people nowadays install solar panels or photovoltaic systems on their houses to produce their own sustainable electricity. Since this technology depends on weather and the installation of storage systems is still very expensive and ineffective many households have at the one moment too much and another moment not enough own power. And here electricity companies come into play and either buy this overproduced from the households for a cheap price or sell theirs to them to a much higher price.

WHY BLOCKCHAIN:
Blockchain technology could in this case provide a decentralized network of many households selling and buying electricity from each other without any intermediaries. This would make sustainable electricity more available to everyone by cutting out the middlemen which currently force the households to trade for a given price.

PROBLEMS
One threat to this solution are current government regulatories in the energy industry. But the time will come when this get changed and blockchain technology will transform this industry.
It will lead to an efficient, easy to use, secure and transparent network of different households, trading electricity with each other independent from big energy companies.

What do you think?

#LifeWithBlockchain

Thanks to Pascal Mehrwald (@pascalmehrwald), Benjamin Pabst von Ohain (@benpvo), Prof. Dr. Isabell M. Welpe and the TUM seminar participants.