29 Aug '17, 10pm

Blockchain Is Reimagining the Rules of the Game in the Energy Sector - Rocky Mountain Institute

Blockchains with smart contracts could radically simplify and lower the cost for certificate of origin systems by enabling renewable energy generators and certificate buyers to interact directly using smart contracts —a string of code, shared between participants, that executes an action when a set of predetermined conditions are met—to streamline the overall process through the automation of certificate issuance, tracking, and retirement. This peer-to-peer trading system would also improve the process by enabling real-time settlement, eliminating the need for intermediaries and related process steps, lowering internal administration and auditing costs, and increasing confidence in the traceability of renewable energy generation. The “immutability” of data on a blockchain-based system makes data difficult to tamper with due to a combination of strong cryptography, the inte...

Full article: https://rmi.org/news/blockchain-reimagining-rules-game-en...

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