Will Blockchain Meet its Own Power Needs in Future?
The ubiquity of the blockchain technology can actually turn out to be a resounding reality in the near future – if not for concerns pertaining to the copious use of electricity by the same. Blockchain, to start off with, is no flash in the pan. Right from revolutionizing ways in which artists interact with fans and sell their music to alleviating possibilities of cyber threats with elan—here we have got an enduring technology, which is living up to the “hopes” that it initially inspired.
Bitcoin Consumes Huge Amount of Electricity: Will the Power Producers be able to Deliver in Future?
However, power producers, at large, are confounded by one monumental challenge! This particular technology ends up consuming excessive amounts of electricity. One of the major verticals bitcoin itself – reportedly- ends up consuming more energy than Ireland itself and employs as much carbon dioxide a year as 1m transatlantic flights. While the use of cryptocurrencies is on an unbridled rise – meeting the power requirements has started assuming a sticky shape. The estimated growth in the near future – as such – might as well turn out to be heartening news for a blockchain development company in India but not really for the utility producers. It is already grappling with the mammoth power consumption needs of the blockchain industry. With further growth, living up with the voluminous power requirement will turn out be a Herculean ask.
Devising its Own Answers to Its Woes
Here is where blockchain – can once again- choose to assume the role of a Massiah—this time – not for the other sectors but for itself. It has been opined that the industry itself can leverage the power of sustainable energy to append to the flexibility of its electric network. At the heart of this “sustainable” endeavor can be the deployment of low-carbon energies – delightfully produced not only by the large scale utilities but also by the renewable sources possessed by individuals.
Ways in Which Blockchain Can Facilitate Sustainable Future
The potential of a sustainable future in this respect might as well best be unlocked through decarbonization, digitization, electrification and decentralization. Decarbonization fundamentally involves abstinence from carbon intensive fossil fuel generation and prioritization of renewable energy. Notably, it has been significantly opined that large scale solar and wind farms can only play the leading role here– not the entire of it. Small-scale power generation helmed by communities, household and small businesses will play an equally substantive role here. Blockchain can leverage its power to generate lasting records of contractual agreements to preserve records of transactions, billing and payments. Decarbonization is inadvertently a process of decentralization whereby the focus is clearly shifting from a world where consumers played a passive role to a zone where they are heading as “prosumers”.
Can Blockchain Empower Sustainable Future?
The problems discussed so far will also necessitate blockchain playing a more significant role when it comes to measuring the demand and supply of power accurately. Sensors that are already playing a pivotal role today, will not really suffice in the near future. The chunk of data produced by blockchain needs to evaluated to ascertain demand and supply in real-time. What we can currently envisage is the blockchain-powered technologies facilitating predictive analysis by aggregating data from innumerable distributed sources. There needs to be constant collaboration between power producers and sensor manufacturers to empower individual customers through education. To put it simply, they can educate individual users regarding the use of blockchain technology to bolster a sustainable future.