Digital technologies are entering every aspect of our life at a steady pace. However, according to predictions from Huawei in collaboration with Oxford Economics, the digital economy is expected to comprise 24.3% of the world’s gross domestic product by 2025, giving it an astronomical valuation of around $23 trillion. Among the few innovative technologies leading this revolution is blockchain. Even though blockchain came to be the core technology for Bitcoin (BTC), today it stands independent, impacting several industries, from gaming companies and enterprises to the manufacturing sector. The fact that data, once it is in the database, cannot be changed …

An Australian government-backed trial of peer-to-peer solar trading using blockchain technology has found that the technology is popular with users and technically feasible. The trial, which ran between Dec. 2018 and Jan. 2020, was part of the RENeW Nexus Project, which investigated the potential of localized two-sided energy markets and blockchain technology to improve the energy system. Among those supporting the project were the Australian Government’s Smart Cities initiative, several Australian universities, Western Power and the Australian blockchain firm Power Ledger. The results, published on June 18, indicated that the multi-pronged approach pursued in the trial could increase localized energy …

Tokyo Electric Power Company Holdings Inc., or Tepco, partnered with major Japanese trading company Itochu Corporation and started building a blockchain-based system to trade surplus electricity. According to Nikkei on June 18, the new system will be available to households in Japan within three years. The firms plan to collaborate with local governments and start a proof-of-concept by March 2021. If successful, it will be the first instance of surplus electricity trading between households in Japan. Tepco and Itochu will give households AI-based storage batteries and solar panels for free. The AI technology controls the amount of generated and consumed …

South African blockchain peer-to-peer renewable energy platform Sun Exchange obtained a $3 million investment from Arch Emerging Markets Partners, thereby closing its $4 million Series-A funding round, according to a statement issued Monday. Sun Exchange allows international clients to buy remotely-located solar cells — either with Bitcoin (BTC) or South African rand — and then lease them to power businesses and organizations in emerging markets. Abe Cambridge, the startup’s founder and CEO, told Cointelegraph: “Solar cell owners earn income from the electricity that’s generated, while schools, businesses, clinics and other organisations gain access to affordable clean energy, reducing electricity costs …

With Germany aiming to decommission all nuclear power generation in the country by 2022 and all coal-fired stations by 2038, myriad disparate renewable energy producers of various sizes are stepping up to meet demand. Distributed ledger technology is increasingly underpinning the architecture for many systems being designed by the country’s innovative renewable energy providers. Cointelegraph spoke to Richard Lohwasser, the co-founder and CEO of Lition Energie — a Berlin-based greentech startup that has launched a blockchain-based marketplace allowing consumers to choose between multiple energy providers — to discuss how DLT is being used across Germany’s evolving energy sector. A blockchain-powered …

Global telecommunications giant Vodafone has partnered with blockchain startup Energy Web (EWT) to connect “billions'' of distributed energy generating assets via internet-of-things (IoT) and distributed ledger technology (DLT). Energy Web announced the partnership on May 26, revealing that the project will combine SIM-centric DLT with IoT connectivity provided by Vodafone Business to “create secure IDs for energy assets.” “This means that renewable and distributed assets like wind turbines, batteries, heat pumps, and solar panels can be integrated with energy grids safely and efficiently,” said Energy Web. Vodafone is a global leader in IoT with over 100 million connections worldwide. The …

Australian firm Power Ledger announced a partnership with Thai Digital Energy Development (TDED) on May 25 to create a blockchain-based digital energy platform in the country. The platform will enable environmental commodity and peer-to-peer (P2P) energy trading, in order to accelerate adoption of renewable energy sources. Thailand aims to generate 25% of its electricity from renewables by the year 2037. Public/private partnership to promote green energy use Power Ledger’s blockchain-based transactive energy solutions include peer-to-peer energy trading and virtual power plants, along with trading in carbon credits and renewable energy certificates (REC). TDED is a joint public/private sector venture between …

What if the world was hit with another major disaster, but this time, it included global electrical failure? Would Bitcoin (BTC) survive, would it thrive, what about the banks? — We have the answers. Bitcoin consumes massive amounts of electricity and with the constant growth of the network, this number will only increase. The Bitcoin protocol relies on the internet for communication. Thus, if all of a sudden, if there was a disruption to the world’s electric grids, one might conclude that this would doom the cryptocurrency. Bitcoin Energy Consumption Relative to Countries. Source: Digiconomist. Bitcoin doesn’t need Internet However, …

An Austrian project is set to use blockchain to help find waste heat hotspots in the cities of Vienna and Graz. Announced by the Austrian Institute of Technology (AIT) on May 12, HotCity’s proof-of-concept involves creating a gamification system to crowdsource hotspots around the city and channel them to provide public heating. The platform will use the Ignis blockchain, part of the Ardor ecosystem developed by Swiss company Jelurida. Sustainability in Austrian cities Vienna hosts one of Europe’s largest district heating networks, which provides hot water through centralized heating lines in the city. One of the benefits of such a …

Cryptocurrency mining is a contemporary and efficient way to use excess energy, Ukraine's Ministry of Energy argued in a May 6 statement published on Facebook. According to the post, local nuclear plants have generated the surplus due to the COVID-19 lockdown. The course toward digitalization The bureau is now looking to apply progressive solutions to avoid wasting energy as part of the government’s course toward digitalization championed by president Volodymyr Zelensky. Leaving the situation unchanged might create “conditions for corruption offenses, which will ultimately be paid at Ukrainian citizens’ expense”, the ministry warns. Crypto mining, in turn, could prove to …

Over the last decade, cryptocurrency mining has been given a bad rap for the sheer amount of electricity required to power the industry. Back in 2017, it was pointed out that the collective power consumption of the Bitcoin (BTC) mining network in particular eclipsed the power consumption of some countries around the world. This was echoed in another 2019 study that suggested Bitcoin mining produces more carbon pollution than some countries. Toward the latter end of 2019, a couple of studies showed that the Bitcoin network was using less energy, despite increasing hash rates. This also included data that estimated …

As the benchmark oil futures contract in the United States fell into negative territory this week for the first time in history, blockchain devs have been focusing on greener, sustainable energy projects. Australian blockchain firm Power Ledger has just signed a deal with the largest medium-density residential developer in Perth to roll out its blockchain-based solar energy trading platform for local residents over the next three years. On April 22, Power Ledger and developer Nicheliving revealed that the platform will initially roll out in 62 apartments in Nicheliving’s flagship SkyHomes development in Inglewood, followed by 10 further developments in the …