By Sam Mire of the Disruptor Daily
It’s been more than 150 years since the first modern solar power plant was established in Algiers, but we still haven’t effectively harnessed the sun’s energy. Fundamental changes in the energy sector take time.
Multiple experts suggest most applications of blockchain technology for energy are in the testing stage. But with over 150 startups focusing their time, effort, and money on innovation in this space, results are surely inevitable. Companies want to use the blockchain to automate their way to efficiency. They’re supporting the development of platforms to streamline energy management and establish peer-to-peer energy trading platforms
Venture capital continues to drive much of the innovation in the energy sector. Where funds exist, innovation will almost always follow. It’s a matter of time until blockchain-powered platforms change the way we think about energy.
Buck Endemann is a partner in the firm’s power and environmental practice groups and focuses on developing, buying, and selling renewable energy projects throughout the Western United States. He
speaks and writes regularly on a number of renewable energy and cleantech issues, and authors the K&L Gates Blockchain Energizer, a biweekly newsletter summarizing developments at the intersection of energy and blockchain technology, and is the editor of the firm’s Energy Storage Handbook. Mr. Endemann had the following to say regarding the state of blockchain in energy.
“The state of blockchain in energy today reflects, to some extent, the continued slowdown in cryptocurrency mania that began in early 2018. Early energy blockchain companies that promised industry-shaking results and the development of entirely new business models often lacked a clear understanding of energy markets, project development, existing regulatory regimes, and the role of incumbent utilities. As a result, many early proof-of-concepts have failed to scale. Today, energy blockchain applications moving into the pilot phase and beyond are largely based on specific ideas on how to operate more efficiently in existing markets and under existing regulations. There is a greater focus on providing consumer value, rather than consumer freedom.”