Ontario to Use Blockchain for Renewable Energy Management

written by

Support free journalists: > send a tip

  • Blockchain technology can help to manage the integration of renewable energy with traditional energy resources

The Toronto and Region Conservation Authority (TRCA) in the Ontario Province of Canada has teamed up with the blockchain firm Insolar to utilize blockchain technology to manage renewable energy resources, and specifically the integration of renewable energy with traditional energy in the power grid. This is part of Ontario’s plan to replace 30% of its conventional power with sustainable resources over the next 15 years.

Insolar has developed the highly scalable and secure blockchain platform Assured Ledger, which will help coordinate the utilization of renewable energy at the right time and at the right places. Essentially, conventional power is still necessary in order to ensure the power grid runs 24/7, and renewable energy will only be utilized during times of high power use.

Basically, blockchain technology will be used in this case to optimally distribute renewable energy resources, helping renewable energy producers to have increased profits while simultaneously lowering power costs for consumers, in addition to preventing power blackouts and reducing peak loads. In other words, blockchain technology in combination with renewable energy will help to make Ontario’s power grid more efficient and balanced.

BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow BitcoinNews.com on Twitter: @bitcoinnewscom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Image Courtesy: Pixabay

Help spread this article :)

BitcoinNews.com is NOT INVESTMENT ADVICE

Opinions expressed are entirely their own and do not necessarily reflect those of BitcoinNews.com

For informational purposes only. Individuals and entities should not construe any information on this site as investment, financial, legal, tax, accounting or other advice. Information provided does not constitute a recommendation or endorsement by BitcoinNews.com to buy or sell bitcoin, cryptocurrencies or other financial instruments. Forecasts are inherently limited and cannot be relied upon. Do your own research and consult a professional advisor. The opinion of authors do not reflect those of BitcoinNews.com 

   Advertisement

Read More Bitcoin News

   Advertisement

Join our Newsletter

   Advertisement

Latest on Bitcoin News

Video of the Week

Join our Newsletter

   Advertisement