ConsenSys Introduces Ethereum To Electricity Supply In Texas

0
244
ConsenSys

ConsenSys, one of the biggest blockchain firms recently commenced the supply of electricity to customers in Texas using Ethereum through its blockchain startup called Grid+.

The startup is distributing renewable electricity such as wind and solar to customers in Texas using the Ethereum mainnet courtesy of a blockchain solution and a unique hardware gateway system. The move demonstrates how blockchain technology can be integrated into systems that improve day-to-day living to achieve more efficiency. Ethereum co-founder Joseph Lubin who also operates ConsenSys described the move as a milestone for his firm.

?Groundbreaking milestone. The tireless Grid+ team has begun supplying power to their first four customers,? stated Lubin.

Decentralizing electricity distribution

Decentralization is one of the advantages offered by blockchain technology. Grid+ merges its software and hardware to process electricity payments in real-time, thus allowing customers to use a function known as Smart Agents to purchase or sell electricity. This means the process of buying and selling electricity is decentralized, therefore giving customers more control as opposed to the traditional system where only the utility company has the power to sell electricity.

The Ethereum network has a strong reputation for processing micropayments and running decentralized apps (DApps) and it will help ConsenSys to tame the renewable energy market. The company stated that Grid+ will take advantage of the opportunities in the market through Ethereum-based utilities in markets that are deregulated.

The blockchain startup will also showcase its blockchain-based solutions in the electricity market at a commercial scale in a market that is highly competitive. The move will allow the firm to demonstrate a functional transactive grid that will showcase the advantages of Ethereum over already existing technology while also giving a glimpse into what future systems will look like.

Scalability has been one of the hotly debated issues as far as blockchain systems are concerned. For example, the Ethereum network processes around 12 transactions per second which would be slow if the network was to be widely adopted. However, that problem could be solved by introducing a scaling solution as a second layer and also integrating the Raiden Network.

LEAVE A REPLY

Please enter your comment!
Please enter your name here