Blockchain Technologies to Make a Better Asset Management Solar Software – Pros & Cons

Feb 15, 2021 01:00 PM ET
  • It goes without saying that the 21st century is the era of digitalization with numerous innovative solutions that are constantly implemented and improve the quality of our life. The renewable energy sector did not stay on the sidelines and has been significantly changed for the last 15 years.
Blockchain Technologies to Make a Better Asset Management Solar Software – Pros & Cons

Today the solar industry is one of the most progressive in the world. It should come as no surprise that most of the processes of the renewable energy sector are complemented with new technologies and cutting-edge solutions.

One of the widely-spoken tandems in the present-day reality of the new-era innovations is a combination of solar software with blockchain algorithms. Most of the experts state that this is a perspective optimization of asset management in the renewable energy market. All the existing process will be simplified and turn out to become more secure this way. Let’s take a closer look at the benefits of blockchain for solar technology.

Blockchain Pros for Solar Software: Revolutionary Solar Rollout is Expected

First of all, it is worth noting that blockchain is not lacking in advantages. This technology aims to make transactions transparent and fast. That is why the most awaited benefit blockchain might bring to the solar sector is efficient, safe, and well-operated asset management. The representatives of the renewable energy market will be able to trade the excess power generated. It means that the solar sector is going to transform into a decentralized space with trusted trading transactions.

Blockchain is the way to create a revolutionary peer-to-peer trading model with risk-free conception and fast operations. For example, now small-scale players (like moderate solar energy generators) of the solar sector are staying in the background. With a P2P trading model based on the blockchain algorithms these members of the market chain will be able:

  • Initiate trades of the excess solar energy;
  • Sell this energy to the direct customers;
  • Get profit in cryptocurrency.

That is why many analysts predict renewable energy’s growth with the implementation of blockchain to the solar sector and its software. Let’s take a look at another example where the large-scale solar energy project is taken into consideration. The roll-out renewable energy object is possible to become the main object in the blockchain-based network and supply the excess energy without loss to other community’s energy grids connected to the network.

Solar software based on blockchain technologies can create new-era networks that will replace the centralized traditional grid. This way both residential and commercial premises will be able to receive renewable energy instead of traditional. People are tired of outages and shortages that take place because of poorly-managed centralized systems in the traditional power sector. The customers can use the P2P trading model for their individual solar asset management at any time.

Blockchain Cons: Solar-Blockchain Software Challenges to Take into Account

A decentralized blockchain system means uncontrolled utility bills when solar PV panels do not manage to produce enough energy for consumers. High rates can become a real problem of the promising trading model. The present-day consumers are not ready to pay twice or three times bigger when the sun is over the clouds but they require solar energy power for their needs.

Nevertheless, some pioneer solar-blockchain software has already been launched. Among them PowerLedger, eCharge, and other projects. Each of the innovative platforms and networks are decentralized and offer a peer-to-peer secure trading model.

Innovative Solar-Blockchain Software – Top 2 Pioneer Projects

It is worth noting that when humanity switches to renewable energy resources, a range of civil and world wars will stop. Additionally, blockchain-solar software aims to make this move to renewable energy adoption rather quicker. Among pioneer blockchain-based solar software are:

  • PowerLedger – the network for decentralized energy trade. Solar power is generated by solar panels and distributed through this network. The system detects automatically the sources of renewable energy, stores power in batteries, and sells the required portion of this energy to near-by objects connected to the blockchain-based network with the help of tokens.
  • eCharge – a special blockchain-based network managed by the application/ Users can install this app and find nearby hotels and parking lots to charge their cars and other transportation units. The payment is done with the help of a special-purpose ECH token.

Blockchain technology is going to transform solar software in the 21st century. The new-era architecture of the renewable energy market obtains more benefits than weak spots. Blockchain aims to make asset management better and the solar sector – decentralized.