IKEA Plans The Construction Of A Blockchain Based Village

Blockchain has become more and more popular with each passing day, and its use cases have also diversified. As per a recent report, the company that has taken up the onus to developing a latest mainstream-reaching implementation of blockchain technology has been developed by Ikea, a Swedish multinational group that designs and sells ready-to-assemble furniture, kitchen appliances and home accessories, among other useful goods and occasionally home services. The idea is to develop a blockchain based village. The initiative, which according to the press release is “fully realizable” has been taken up by Ikea’s innovation lab Space 10 and even though it is still just a model, at a scale of 1:50, the solar-powered village dubbed as SollarVille could easily become a reality one day, as the press release from Space 10 ensures it is “fully realizable”.

The basic aim of the project is that some households will be able to generate their own renewable energy from the sun, meanwhile, other homes will purchase the energy which has not been consumed, through blockchain technology. This system should ideally enable the future inhabitants of SolarVille to buy energy directly from producers, which in turn will benefit all sides of the deal, as effectively, it will get rid of all the intermediaries. However, the use of blockchain could also assist some of the third parties providing services in the sector, as it can be utilized to make grid operations more efficient by balancing supply and demand in a near real-time fashion.

The documentation related to the project elaborated that one of the influences reviewed by Space10 in their creation process was a blockchain-based system which is operational, right now, in New York City, where an energy company and a tech firm collaborates to allow neighbours to buy and sell solar power from each other through a blockchain platform that notes down all their transactions effortlessly.

Reports say that the firm responsible for the blockchain tech part of the project is Blocktech, defined on their own website as an international blockchain venture studio guided by Nick Spanos, has the goal of expanding and pioneering permissionless blockchain innovation on a worldwide range.

Rishma Banerjee

Rishma is currently pursuing a bachelor’s degree in International Relations and has a special place in her life for sifting through all sorts of random trivia, thank you very much.