The Link Between Blockchain and Energy
Currently, 20% of Australian homes have a rooftop solar system, and this number continues to rise as more people invest in renewable energy. According to the Sydney Morning Herald, rooftop solar systems increased 43 per cent last year, with 70 per cent growth in Victoria specifically. As more devices enter the grid, it is vital that all of these systems are working efficiently in order to ensure the proper integration of these resources into the traditional energy grid.
A recent report from the International Renewable Energy Agency revealed that blockchain is one of the key components to transform renewable energy. As more people buy rooftop solar systems and batteries, the grid is at risk to become overloaded, especially during peak times. However, blockchain technology integrates all of these various systems and thus allows devices to communicate where there is excess energy to areas that are lacking a current supply. Blockchain promotes transparency and system automation by allowing the various devices to talk to each other.
FOHAT, one of our smart energy startups, develops software solutions for microgrids using blockchain technology to promote energy trading of decentralized resources and the efficient integration of these systems. Energy utility companies and the national operator will have a more reliable and flexible system to operate, being able to communicate with microgrids for demand-response programs, frequency regulation, and other ancillary services.
Douglas Ferreira shared his experience as part of the FOHAT team:
“As co-founder, I have 9 years of experience as product development engineer and specialization in embedded systems. Other six co-founders and five developers complete the team with different backgrounds such as energy trading, sales & marketing, blockchain and project management.”
With this diverse team, FOHAT is working to bring together consumers, retailers, and suppliers by integrating the energy with microgrids and specific blockchain technology.