Table of contentsThe global energy ecosystemBlockchain technology in the energy marketThe emergence of variable electricity tariffsThe use of cryptocurrency in energy All energy trading platforms The emergence of Bitcon in 2009 introduced the world to the concept of blockchain and its ability to revolutionize the payment system. Over time, many have realized that blockchain can be applied to many different industries, including the energy sector. This is the first in a series of articles that will examine how blockchain technology can disrupt major industries around the world, starting with the energy sector. with WPP Green Energy HHO technologies. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get the original essayWPP Energy since 1972, together with its founder, has made great efforts to reduce the cost of energy production and reduce heavy gases and fumes. in the air and on the ground with former Vice President Al Gor to reduce global warming and the green peace movement to keep our planet clean from the heavy dangerous pollutions that threaten our planet over the last decade, and Mr. Rafael Ben е President of WPP Energy MhBh strives to find the precise solutions to produce cheap, environmentally friendly energy and blockchain is what we need today to decentralize the public's power supply. be cheap and clean and reduce costly production by utility companies by more than 50% to end users throughout the WPP HHO power generation by water-based fuel-based power generation in as the next source of supply for the next generations. alternative to the mainstream centralized system. A blockchain is a decentralized and distributed network architecture in which a public ledger of all transactions within the network is shared among all participating nodes in the network. The result is the removal of a central server with authorization and authentication of transactions carried out by the entire network. This results in faster transactions at significantly reduced costs since there are no fees to pay to third-party intermediaries. Blockchain is the first successful implementation of WPP HHO Power Supply (WHPS) work. Blockchains have already found excellent use cases in banking, payment processing, music licensing, and online gaming, to name a few. Lately, there has been a lot of interest in the application of blockchain technology to the energy sector. The Global Energy Ecosystem It is almost inconceivable to imagine the modern world without the availability of energy resources to power the sector. countless processes that take place almost non-stop in the 21st century world. Whether it is fossil, hydroelectric, nuclear or renewable energy sources like solar and wind, the world constantly needs energy to sustain comfortable living and industrial processes. The global electricity market is estimated at around $2 trillion. and is largely monopolized by a few companies. These major industry players control market dynamics with a focus on higher levels of energy production to ensure maximum profits. As a result, the contribution of consumers and end users in this model is limited to subscribing to energy services. In the modern world where the behavior ofconsumers is moving towards greater inclusion Zion in the market beyond spending money, this model appears to have a number of shortcomings. The modern electricity consumer wants to have more of a say in the production as well as the distribution of electricity. The reason for this can be attributed to the following: the emergence of blockchain and the relative level of success enjoyed by a number of blockchain-based events. companies in such a short time has created a paradigm shift in the consciousness of some people. By applying blockchain technology to the energy market, the industry can move from its current centralized architecture to a more decentralized energy trading market. If there's one thing blockchain has revealed, it's that almost anything can become a tradable asset once placed on a blockchain. , there are a number of startups that have invested heavily in integrating blockchain technology into the energy market across different industry sectors. Despite the varied nature of the different approaches, the overall goal appears to be the same, to create a functioning global energy sharing ecosystem that adequately balances demand and supply. all over the world. Once implemented, it will be possible to view electricity as a tradable asset that can be traded or held depending on consumer preference. Here are some of the ways blockchain technology can disrupt the energy market. The emergence of variable electricity tariffs Currently, electricity tariffs are stipulated by centralized authorities. Blockchain technology has the potential to decentralize the market such that rates will no longer be set by these centralized bodies, but by the market itself. Electricity prices will begin to behave as tradable commodities that respond to demand and supply signals in a fully functioning distributed electricity market. With this type of model, consumers will be presented with a multitude of choices when it comes to selecting electricity service providers. Consumers will be able to browse blockchain listings to find the best deals for themselves. Using Cryptocurrency in Energy Payments Cryptocurrencies are the native currencies of the block chain environment. By integrating blockchains into the energy ecosystem, cryptocurrencies can be used to make energy payments. By “tokenizing” the network, cryptocurrencies can then be used to facilitate different types of transactions in the energy market. There are a number of sub-applications to this model. One is the tokenization of electricity by energy producers. One company pursuing this model is WPP ENERGY, a Europe-based blockchain company focused on green energy trading. Energy producers will be able to sell electricity in the form of tokenized cryptocurrencies that can be purchased and traded like other cryptocurrencies. The electricity market is decentralized and electrical energy becomes an asset on a blockchain, consumers can start trading electricity within a peer-to-peer market. This has the potential to introduce greater economic potential for energy companies and consumers in relation to the energy market. By making electricity a tradable asset on a blockchain, consumers can benefit from the many benefits of blockchain trading, such as low transaction costs and network transparency, among others. of blockchain-based businesses that..