In what will be counted as a milestone in terms of blockchain mainstream uses has been achieved. Grid+ a blockchain startup operated by ConsenSys, has successfully used Ethereum blockchain to supply electricity to its first four consumers in Texas, United States.
The announcement of the feat was done via a Tweet by the official account of the Grid+, the Tweet states:
https://twitter.com/gridplus_energy/status/1043145190322696192
Grid+ is a startup that is particularly known for leveraging Ethereum blockchain in a way that offers consumers access to energy. Joseph Dublin, the co-founder of Ethereum as well as the Operator of ConsenSys also took to Twitter and noted that its a “Groundbreaking milestone”. The Tweet said:
BOOM. Groundbreaking milestone. The tireless @gridplus_energy team has begun supplying power to their first four customers! Head to https://t.co/ylbx3KTbjr to read more on the Lattice1 hardware agent, scalability efforts, and the conquest to give consumers power over their power. https://t.co/Ps5NNFQ4BQ
— Joseph Lubin (@ethereumJoseph) September 21, 2018
Grid+ amalgamates a unique hardware gateway system with a blockchain solution, that distributes renewable energy like wind and solar electricity to consumers in the US. A feature dubbed as ‘Smart Agents’ is used by the system to enable users to trade electricity in real time on the Ethereum blockchain.
To ensure that the renewable energy is efficiently distributed and monetized to avoid wastages, the team involved supposedly speeds up payment processes. The speeding up of the buying and selling of energy reduces the possibility of acquiring way too much in supply, while user pays the cheapest fees for electricity at all times.
Lubin and the team at Consensys wanted to prove that blockchain-backed energy solutions are not just possible, but are scalable and useful as well. With the aforementioned milestone achieved, the team has stepped on the path of proving their statement.
Initially, the company developed a system using Raiden Network, that facilitates micropayments between users and decentralized apps (DApps) with less fee on Ethereum. This advanced to decentralized energy distributed systems like Grid+, that allows grid operators to maximize the supply of renewable energy.
Although a feat, Grid+ has a long way to go before it could extend is services to all of Texas and eventually to the entire country. The key issue it faces in doing so is the scalability problem of the Ethereum mainnet. To overcome this obstacle, the team hopes to employ networks that connect ethereum chain with side chains. Scaling proposals such as Plasma, Raiden, Polkadot, and Sharding are also being considered.
Read more:Walmart To Implement IBM’s Blockchain Technology To Trace Food
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