Money plants bitcoin
But the smart money is already betting on blockchain, the technology that allowed bitcoin to take off in the first place. The market for renewables could be one of them. Engineers at GE Global Research are looking for ways to use blockchain to connect consumers and producers of electricity with batteries supplied by wind and solar farms.
Renewable energy has many benefits. The money plants bitcoin materials that fuel it are free, and the power they money plants bitcoin is much cleaner than electricity from conventional gas- and coal-fired plants. The system the GE team is developing would allow homeowners and businesses who want to maximize their use of renewable energy to order it up, reliably, from batteries supplied by wind or solar farms.
Batteries and other hybrid storage solutions already are starting to pop up around the world. Using blockchain, the team was able to create smart contracts that allow operators to write simple rules managing, say, how much money they want to spend on electricity, how many kilowatts they want to buy, and at what price. A very simple way to think about it is the gas tank in your car, Beckmann says. The automated system executes the transaction according money plants bitcoin the smart contract, which lives on the network and prescribes the price for electricity money plants bitcoin consumer is willing to pay.
It would buy electricity for you at the best available price. Now imagine if money plants bitcoin could communicate with all of the appliances in your household as well as pull in outside data to coordinate the most efficient use of electricity. This digital ecosystem could coordinate all of that.
There are other benefits. Beckmann and Carbone say that the system could allow battery owners to set the rules for how the battery participates in the energy exchange.
But the engineers say that communities also can set up the system to maximize the amount of renewable energy available.
It uses a computer originally designed to mine the Ethereum cryptocurrency as its brain. The team has big hopes for blockchain. Blockchain is money plants bitcoin type of technology that comes in waves. It will happen, absolutely, whether we are there to take advantage of it or not.