Urja Daily
No Result
View All Result
  • News
  • Renewable
    • Solar
    • Rooftop
    • Floating Solar
    • Module
    • Wind
    • Hydrogen
    • Biomass
    • Tenders
    • Sustainibility
  • Storage
  • E-Mobility
  • EV Battery
  • Smart City
  • Power
    • Smart Grid
    • Microgrid
    • Off-Grid
  • Editor’s Pick
    • Articles
    • In Talks
    • E-MAG
    • Market Research
  • On-demand Webinars
  • More
    • Events
    • Contact Us
    • Subscribe
  • News
  • Renewable
    • Solar
    • Rooftop
    • Floating Solar
    • Module
    • Wind
    • Hydrogen
    • Biomass
    • Tenders
    • Sustainibility
  • Storage
  • E-Mobility
  • EV Battery
  • Smart City
  • Power
    • Smart Grid
    • Microgrid
    • Off-Grid
  • Editor’s Pick
    • Articles
    • In Talks
    • E-MAG
    • Market Research
  • On-demand Webinars
  • More
    • Events
    • Contact Us
    • Subscribe
No Result
View All Result
Urja Daily
No Result
View All Result
Home Editor's Pick Articles

The Boon of Blockchain Technology in Renewable Energy

Urja Daily by Urja Daily
March 14, 2022
in Articles
Reading Time: 3 mins read
0
Renewable Energy
Share on FacebookShare on TwitterShare on Linkedin

There has been tremendous growth in the Renewable Energy (RE) sector worldwide. The expandability of the renewable sector has been conceptualized to undergo digitally. The digital transformation in the energy sector, for the past few years, has picked up the pace to address issues like safety, productivity, accessibility and sustainability in the renewable sector. The digital RE is also proving to be the stepping stone to facilitate a peer-to-peer connection in the market. In digital RE, to engage all the market players with each other, the concept of blockchain is being thought to be incorporated. The Energy sector decision-makers and utility companies have asserted that blockchain technology could be a boon in the Renewable energy sector. To understand the positive impact of blockchain technology in the RE sector, let’s first get into the basic understanding of the blockchain concept. 

Blockchain is the shared and distributed data structure or ledger in digital transactions. These are the blocks of algorithms containing data of transactions having each block tied up with each other via a special function called a hash function (function of connecting data structure blocks) which is shared in an encrypted format. The data is accessible to each ledger holder involved in the transaction. The activity is done among the ledger (data structure) holders in the chain. Each entity is liable to edit the data present in the ledger as per the blockchain prescribed standard. The computers involved in the calculations to create data of the transaction, perform separately in the network. So, it paves the way for the transactions to be exercised flexibly. Now to bring the emerging technology into implantation in the Indian market, strict commitment to serve the most volatile renewable sector most efficiently is needed.

RELATED POSTS

AI and Machine Learning Driving Innovation in ADAS Market

India’s EV Bike Boom: Is the Two-Wheeler Revolution Here to Stay?

The utility of blockchain could be brought in various business operations and processes like billing (to facilitate the concept of pay-as-you-go in energy transaction in the market), sales and marketing (to boost up the practices knowing the energy prosumer profile), smart grid application and data transfer (to maintain the data transfer most transparently), trading and markets (to increase the credibility of the energy certificate trading), automation, grid management, security and identity management, sharing of resources, competition and transparency. The wholesale energy market has many incongruities. When transactions occur between two parties in the market, several arbitrators are involved to come to the final settlement. The deal between the parties has to go through a verification process in which the third party has to be involved. Unless and until the final settlement is reached, the process gets entangled in the verification circle. Blockchain helps expedite the transaction between the two parties and final settlement is reached most probably. The imbalance in the settlements is alleviated by blockchain. 

The present system of the energy sector is centralized due to which the prosumer’s and consumers’ direct connection is yet to be formed. It’s due to persisting challenges like transaction efficiency, security and data transparency in the Indian energy market. The blockchain is a data-driven technology that helps create a very transparent process in data sharing among the peers involved in the system and sort out the challenges persisting in the energy market. Due to the restricted exposure of nascent players in the Indian energy market, the consumer has to rely on a few available options. To make the RE sector customer-driven, the most robust system like blockchain is required to streamline the process in the energy sector. As far as the Indian scenario is concerned, a deep understanding of the conventional system is a prerequisite to bringing blockchain into the executable stage.

Though there are challenges in blockchain technology like power consumption and heavy hardware requirements, in the coming future, the technology is expected to pick up the market reliably. With the extensive research work being undergone in blockchain technology, recently few developed countries have started incorporating it in their renewable energy market. There would be an opportunity in India to adopt the blockchain and grow building up a peer-to-peer connected market in the most effective way.

About the Author :

Sandeep Maharia

The Author is the Vice President, Head of Technology, Oorjan Cleantech (https://www.oorjan.com). Oorjan is co-founded by IITians and ex-bankers, and is one of the fastest growing solar companies in India.

Tags: digital transformationEnergyRenewable Energy
ShareTweetShare
Urja Daily

Urja Daily

Related Posts

AI and Machine Learning

AI and Machine Learning Driving Innovation in ADAS Market

by Palak
June 6, 2025
0

In today’s rapidly evolving automotive landscape, the integration of Artificial Intelligence (AI) and Machine Learning (ML) into safety and mobility...

Hari Kiran

India’s EV Bike Boom: Is the Two-Wheeler Revolution Here to Stay?

by Palak
June 5, 2025
0

India's electric vehicle (EV) landscape is undergoing a radical transformation, and at the heart of this revolution lies the two-wheeler...

Minakshi Baranwal, Senior Sales Co-ordinator, AXITEC Energy India Pvt. Ltd

Synergizing Solar Energy with Battery Storage to Tackle Summer Peak Demand of Energy Consumption

by Palak
June 2, 2025
0

Peak electricity demand during summer months poses a critical challenge to grid stability, particularly in regions experiencing intensified heatwaves and...

Articulated Robots

The Future of Articulated Robots: Innovation, Integration, and Investment Opportunities

by Palak
May 28, 2025
0

As industries continue evolving toward smart automation, articulated robots are becoming a cornerstone of modern manufacturing. These robotic systems, characterized...

Ravi Kumar, VP Sales, Oorjan Cleantech

The Solar Surge: How Cutting-Edge Technologies Are Powering the Next Energy Revolution

by Palak
May 27, 2025
0

In the year 2000, solar energy accounted for a mere 0.2% of the world’s energy mix. Fast forward to 2024,...

Next Post
Li-One Battery

Lithium-Ion Battery Market Set to Grow at 15.3% CAGR Through 2030

EV Charger

New EV Chargers Coming to Saskatchewan

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED

Recyclekaro Plant

Recyclekaro Group Brings Recycling to the Doorstep with Its New D2C Platform

June 7, 2025
Servotech

Errol Musk Wraps Up 6-Day India Tour, Applauds Green Tech and Rich Culture

June 7, 2025
  • 643 Followers
  • 23.9k Followers

MOST VIEWED

  • Hydrom

    Hydrom and Thyssenkrupp Nucera Partner for Green Hydrogen Projects in Oman

    0 shares
    Share 0 Tweet 0
  • SFC India Selected Dassault Systèmes for Indigenization and Digital Transformation of Wastewater Treatment Plants

    0 shares
    Share 0 Tweet 0
  • Juniper Green Energy Secures 1 GW Solar Module Deal with First Solar

    0 shares
    Share 0 Tweet 0
  • PGCIL Wins ISTS Project for Renewable Energy Integration in Karnataka

    0 shares
    Share 0 Tweet 0

Recyclekaro Group Brings Recycling to the Doorstep with Its New D2C Platform

Errol Musk Wraps Up 6-Day India Tour, Applauds Green Tech and Rich Culture

HyperloopTT’s Italian Project Begins Operations

World Environment Day 2025

AI and Machine Learning Driving Innovation in ADAS Market

Comau Showcases E-Drive and Stator Tech at CWIEME 2025

Latest Magazine

© 2016 – 2025 TechZone Print Media | All Rights Reserved

  • About Us
  • Contact Us
No Result
View All Result
  • News
  • Renewable
    • Solar
    • Rooftop
    • Floating Solar
    • Module
    • Wind
    • Hydrogen
    • Biomass
    • Tenders
    • Sustainibility
  • Storage
  • E-Mobility
  • EV Battery
  • Smart City
  • Power
    • Smart Grid
    • Microgrid
    • Off-Grid
  • Editor’s Pick
    • Articles
    • In Talks
    • E-MAG
    • Market Research
  • On-demand Webinars
  • More
    • Events
    • Contact Us
    • Subscribe

© 2016 - 2025 TechZone Print Media | All Rights Reserved