Energy Magazine January 2022 | Page 91

BLOCKCHAIN
which saves money for the public agencies administering RECs .
3 . Encourage ‘ prosumers ’ to generate and distribute through microgrids

“ The Global Blockchain in Energy Market is estimated to be US $ 1.4 billion in 2021 and is expected to reach US $ 5.78bn by 2026 ”

RESEARCHANDMARKETS . COM
Blockchain technology ’ s relatively low transaction costs allow smaller energy producers , or ‘ prosumers ,’ to sell excess energy they don ’ t use . This ramps up competition and makes the grid more efficient . Smart contracts coordinate realtime data from solar panels and other micro installations and facilitate two-way energy flows throughout the network .
4 . Develop new renewable energy markets In regions with limited access to energy , blockchain allows for easy local transactions . The lighter infrastructure and mobile-based micropayments allow networks to thrive where other infrastructure would be too cumbersome .
5 . Make electric vehicle charging stations more efficient Blockchain makes payments at electric vehicle charging stations easier by showing drivers real-time pricing data , and coordinates the charging-station network autonomously , showing drivers the locations of nearby stations and whether they are being used . energydigital . com 91