Blockchain technology for Microgrids

Blockchain technology

At its core, blockchain technology is a way to transfer any kind of data or information in a fast, tracked, and secure way without the need for an intermediary institution. Initially developed to allow peers to directly exchange digital currency faster and at lower cost, blockchain is now yielding a variety of promising new solutions beyond financial services.

The blockchain technology has attracted public interest as it provides an effective instrument to satisfy the needs of people to cooperate horizontally with each other in economic and social spheres like energy microgrids.

Blockchain technology is an innovative method of storing and validating data that permits direct transactions between energy producers and consumers.

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