Gas & Energy faces a loss of 1.8 billion per year globally. The implementation of blockchain technology will help enhance the industry in the virtual power plant sector, manage and secure records, and virtual grid projects.
Power Plants today need a huge area to to process. The setting up of virtual power plants refers to clusters of electricity generators, loads & storage systems that are pooled in an intelligent manner & controlled jointly on blockchain.
To reduce the occurrence of lost or mismatched titles, owned disputes & provided tax authorities with transparency in respect to land transactions, recording accurate transfers of value in real time will be the aim of blockchain in the industry. By recording sales & transfers of land in a blockchain will create an immutable audit trail of land movement, value and ownership.
Keeping track of renewable energy certificates is one of the potential applications of blockchain in the energy sector. This will solve data management challenges in the electricity sector and shorten the process of storing and updating a data generated by a renewable power plant, by directly writing the data on it. Blockchain implementation in the energy sector can help enhance and improve producer’s remuneration leading to lower capital investment to start & run a generating business.