The renewable energy industry is undergoing a revolution, thanks to the innovative use of cryptocurrency and blockchain technology by UK-based company Rowan Energy. Rowan Energy has developed a low-powered and low-carbon blockchain that is being used to incentivise the adoption of renewable energy and encourage sustainable living.
The company recognised the potential for blockchain and crypto in solar energy peer-to-peer trading but could not find a low-powered and low-carbon blockchain. So they decided to build their hybrid blockchain using their proprietary low-powered Proof of Generation consensus. With this system, users must generate 1kWh of renewable energy to get permission to validate transactions on their chain.
The Rowan Energy blockchain is designed to build the customer base for a future decentralised energy network where rooftop solar owners can sell their energy peer-to-peer with other consumers. The blockchain runs on a small device called a SmartMiner, installed in homes with solar panels. It counts how much power the rooftop produces and how much is fed into the grid. Solar owners are then rewarded with Rowan Rewards, which can be cashed out directly to their bank account, PayPal, or sent as Rowan Coin (RWN) to a Rowan wallet or transferred to a partner exchanges Probit or LATOKEN.
Rowan Energy’s CEO and founder, David Duckworth, aims not only to encourage the adoption of rooftop solar but also to change people’s habits and attitudes towards renewable energy. By taking responsibility for generating and consuming their energy, people can earn better returns for producing clean green energy. They can use their washing machine or dishwasher during the day to utilise their solar rather than feeding it back into the grid but still get the extra income.
Rowan Energy’s SmartMiner devices have been successfully installed in residential homes throughout England, with the general release at the end of 2022. They now monitor more than 1MW of solar assets. The company has hinted at a new partnership with the largest solar installer in the UK. This could lead to rapid growth as they integrate their SmartMiner into the already available solar infrastructure. This move changes the residential solar market internationally and changes the dynamics of solar installation companies forever.
The use of cryptocurrency and blockchain technology is also transforming the energy storage and management industry by enabling the creation of more efficient and transparent energy markets. It can manage the energy flow between different sources and ensure energy is used efficiently. Cryptocurrency can also incentivise using renewable energy sources, accelerating the transition to a more sustainable energy future.
With more than one million homes in the UK having solar panels, Rowan Energy’s low-carbon blockchain and SmartMiner device offer an opportunity to earn nearly three times as much for self-produced green energy. The company’s innovative solution to incentivise sustainable living while encouraging the adoption of renewables is changing the game. As the world moves towards a more sustainable future, we expect to see more innovative use cases emerge for cryptocurrency and blockchain technology in the energy industry.
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