A blockchain database is typically decentralized, meaning that it is collectively controlled by its participants rather than a single person or entity. This could facilitate a truly decentralized peer-to-peer energy system. Additionally, the information stored in blockchains is unchangeable, and the identity of participants is ensured through a unique identifier. This solves the issue of record keeping and tracking. It also offers additional possibilities in distributed energy management like the issuing of carbon tokens to offset an individual’s carbon footprint.
I’m still amazed when I look at my own company. Although the pandemic forced our decentralization, we have the kind of culture that allows our employees to learn and understand what they need to do and we trust them to make the right decision. They quickly built a new set of processes, and we continued to make steady progress.
Done well, decentralization is a much more resilient, reliable and scalable system than a centralized system. Whether it’s at a country, community, major corporation or small business level, decentralization is coming. Those that prepare for and embrace it will be the winners in this next decade.
Ally Medina, director of the Blockchain Advocacy Coalition in California, said that using verifiable credentials could be the solution. With this model, patients are the only people with access to information.
Verifiable credentials are the digital form of physical identification. Exchanging health records using verifiable credentials ensures health records have been transferred from doctor to patient. It does not store the record itself, making it an advocated option for new health tech companies.
Third parties holding personal information spark cybersecurity concerns, but verifiable credentials make hacking more difficult. The most recent technology developments are for proof of Covid-19 testing or vaccination.
I hope this article provides value in the exploration of decentralization. As simple as it is to understand the need for decentralized exchanges, the implementation of decentralized systems, networks, sites, and applications will not be a quick and easy task. The current complexities of decentralized systems only makes use for those with advanced knowledge in leveraging these systems and may prove challenges to ordinary internet users. And although we notice the gaps needed to be filled in order to fight against centralized big tech monopolies, the responsibility is held on the shoulders of developers building internet applications today. The advantages of decentralized networks are appearing for the future of the internet as free control of data, information flow, and preservation of media content become more important. I truly believe the internet is meant to be open, fair, transparent, and decentralized and I hope internet users begin realize these importances.
Blockchain has been receiving considerable attention from a score of industries and audiences due to its promises of immutable, decentralized, and verifiable data management. Despite these characteristics offering a substantial draw for both academia and other industries, it is the social benefits of a trustless system enabling seamless peer-to-peer interaction within a decentralized network, that academic institutions have latched onto. Is there a need for blockchain adoption within universities?
Building on its groundbreaking initiative, the Linux Foundation’s LF Energy announced it has introduced a Service-based Open-source Grid automation platform for Network Operation of the Future (SOGNO) and Power System Network Operations (PSNO) designed to advance energy automation and hardware virtualization.
The LF Energy project provides a 21st-century plan of action to solve climate change through open frameworks, reference architectures, and a support ecosystem of complementary projects, seeking to accelerate the energy transition of the world’s power and transportation systems through open-source technology.
The Linux Foundation, the nonprofit organization enabling mass innovation through open source, today announced Linux Foundation Research, a new division that will broaden the understanding of open source projects, ecosystem dynamics, and impact, with never before seen insights on the efficacy of open source collaboration as a means to solve many of the world’s pressing problems. Through a series of research projects and related content, Linux Foundation Research will leverage the Linux Foundation’s vast repository of data, tools, and communities across industry verticals and technology horizontals. The methodology will apply quantitative and qualitative techniques to create an unprecedented knowledge network to benefit the global open source community, academia, and industry.
“The shift to renewables doesn’t come with the flip of a switch and is a monumental effort requiring collaboration on a global scale,” said Dr. Shuli Goodman, executive director of LF Energy. “Decarbonization is a complex problem, and it’s only growing more complex as new technologies demand more from power system networks. The evolution of a low-inertia grid due to the onboarding of distributed energy resources is requiring that network operators find new mechanisms to balance supply and demand through flexibility and automation. With collaborative, open-source initiatives like SOGNO and PSNO, we can overcome these challenges.”
Bitcoin mining* often makes headlines because of the large quantity of electricity the process consumes. But there are opportunities for it to support the energy transition.
We have identified two key short-term opportunities for bitcoin mining in the US: first, as a highly predictable and scalable demand response asset; and second, to provide additional demand for cheap, under-utilised electricity generated by independent power producers and utilities.
1. Bitcoin for demand response
- Speed to scale
- Reliability and predictability
- Sensitivity to electricity price incentives
- 24/7 operations
- Non time-sensitive computation
2. Bitcoin for under-utilised generation