The emergence of blockchain technology in 2008 significantly revolutionised the payment system in the financial sector. And as time went by, more and more industries began to realise that they too could reap the benefits of this technology. One of these industries, was energy.
It is evident that today’s consumers, in any sector, have little or nothing in common with the consumers of twenty or twenty-five years ago.
Technology has radically changed almost every major industry as consumers take control and turn the world into a sharing economy. Airbnb has allowed homeowners to compete against major hotel chains; online booking sites like Expedia have eliminated the need for travel agents; Uber has turned the taxi industry on its head. In each case, existing companies in the space have had to adapt their business models or face extinction.
Traditionally, power systems have been supplied by large fossil fuel generation plants, with most people participating as passive consumers of electricity. But today, power systems are undergoing a fundamental transition, brought about by the rapid adoption of electric vehicles, roof-top solar, home batteries and other distributed energy resources.
Currently, almost 80% of the world energy is still provided by fossil fuels while energy demand is increasing in all regions of the world. In the face of climate change, environmental destruction and the rising cost of fossil resources, societies are driven to adapt and achieve sustainability. Renewable sources along with high energy efficiency are a compelling alternative.