The legacy energy distribution network suffers from diverse problems like high costs, environmental damage, lack of transparency, and supply chain bottlenecks. However, distributed ledger technologies and crypto infrastructure can help improve inefficiencies in the energy industry. The following strategies enable blockchain-powered companies to develop a robust energy distribution network.
Removing Third-party Intermediaries
Centralized intermediaries and third parties who're responsible for generating electricity bills and recording meter readings are a hindrance to seamless electricity distribution. They often charge high fees and note incorrect meter usage readings. Blockchains remove the need for these intermediaries as consumers can directly purchase energy bypassing the third parties
Blockchain technology can reduce consumers' electricity bills by over 40% upon automating billing and meter readings. Once users directly connect with the electrical grid, they can buy electricity at significantly lower costs. This leads to an equitable and fair energy market without paying high charges.
Creating Peer-to-Peer Energy Markets
Blockchain companies are building peer-to-peer energy markets where individuals can trade and purchase surplus electricity at competitive prices. Ordinary people benefit from these energy markets as centralized mega corporations don't control them. As individuals produce their own energy via decentralized energy generators, they can sell the energy to their neighbors.
Communities come together to form microgrids where they exchange energy resources with each other. The interconnected microgrids exist on top of the national grids but users can eventually build sovereign, self-sustaining grids. A distributed peer-to-peer grid network can help establish energy parity and achieve electricity equilibrium worldwide.
Enhancing Data Management Practices
The energy industry contains multiple data points like current fuel prices, marginal costs, and energy tax rates. Intermediaries often manipulate, misreport, and omit these data or make unintentional clerical errors, which are detrimental to companies and consumers. The sector needs more transparency in data handling to prevent corruption and data exploitation.
Blockchain's immutable ledger technology facilitates efficient data management by providing secure, real-time data updates for public access. Companies using blockchains for storing data and executing transactions can ensure better data transparency for consumers. The technology makes it easier to process, validate, and verify crucial data as well as trade energy with each other.
Elan Future: Leveraging Blockchain-Crypto Technology For Energy Distribution
Elan is one of the major companies to use distributed ledger technology and cryptocurrency payment infrastructure to revolutionize the energy industry. The Elan team is building sophisticated devices like Apollo, Model 2, and Bia to generate clean, green energy for everyone. Elan products use cutting-edge technologies like parametric resonance and harnessing negative ions of radiant energy to sustainably produce energy.
The Elan blockchain, known as 'The Chain', connects all Elan devices with a pre-installed hardware wallet in each device. Consumers can remotely control their devices and monitor energy usage via the blockchain network. They can use the native $ELAN token to purchase Elan products, pay electricity bills, and send tokens via Elan's mobile app.
Elan Future facilitates energy independence by empowering consumers to produce their own electricity, thereby making centralized third parties redundant and obsolete. It also creates a peer-to-peer decentralized energy market for equitable electricity distribution and bolsters data transparency by using the Elan blockchain. In this way, Elan Future is spearheading the movement for fair energy distribution across the world.