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4 ways blockchain is the new business collaboration tool

Lucas Mearian | May 24, 2017
Smart contracts, healthcare data-sharing and microgrids are all taking advantage of the technology.

The physical microgrid, set up by Siemens Digital Grid Division, includes network control systems, converters, lithium-ion battery storage and smart electric meters. In case of another hurricane like Sandy in 2012, residents on the microgrid would continue to have power for a time -- even during a blackout -- as they could switch  to battery reserves.

A microgrid is a form of distributed energy generation that can function independently from the traditional, centralized regional power grid; it can enable towns, small cities or corporations to develop their own energy sources and power storage systems (via lithium-ion or flow batteries), distribute that energy and even sell excess power back to local utilities.

The Brooklyn Microgrid blockchain database is a web-based bookkeeping system that uses cryptographic technology to save energy data in a way that is both inexpensive and forgery-proof, the companies said.

The Brooklyn Microgrid enables residents to sell energy back to the local utility -- a process known as "net metering" -- and it allows those without solar panels to purchase green power credits from their neighbors. The blockchain platform for the microgrid is enabled by Brooklyn-based energy startup LO3 Energy.

The same blockchain technology that allows residential solar power users to sell excess power back to utilities can do the same for businesses seeking to lower their electricity costs.

 

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