Apr 15, 2018 at 09:41
Oct 1, 2018 at 13:23 UTC
Bitwatt: Crypto-tech to regulate electricity consumption
Energy acts like a womb to the humankind. We live because there is energy. Currently, it runs on high operational costs based on centralized, non-standard markets, and energy companies are losing money by not meeting the needs of everyone in the market, that’s where Bitwatt comes in. Bitwatt, through the use of blockchain technology, eliminates operational costs and transfer fees. Bitwatt makes use of developed exchange and trading system for energy.
A step towards sustainable development
The result of Bitwatt is a decentralized service where the energy supply is used in the most efficient manner possible. Bitwatt platform is a matchmaking ecosystem which connects producers, energy suppliers and smart consumers in order to transact energy in a structured way. The global energy landscape is changing; the traditional centres of demand are being overtaken by fast-growing markets. The system works by analyzing smart contracts that link production and demand data with energy wallets available on the network. It can be remarked that Bitwatt is a chain which connects people creating an eco-friendly and sustainable outlook for the energy sector.
What problems does Bitwatt solve?
- Energy exchanges between traders (or producers) and suppliers take days for validation and completion to be done and there’s no decentralized market where these can be done; Bitwatt helps in solving the problem within a short time.
- Moreover, there’s no market for smart-consumers from where they transact unused energy supplies and choose and switch suppliers based on pre-selected criteria. Bitwatt is the saviour of the last resort.
- End- consumers (of a domestic sort) must wait at least 15 days to change energy suppliers; for mostly bureaucratic reasons, this process can take 90 days. For E.g. :- United Kingdom- 15 days, Austria- 30 days, Germany- 2 to 6 weeks.
These reasons lead to increase in prices and, in fact, energy becomes inaccessible in some places. Bitwatt is a solution and a platform in favour of the consumers.
Can it be accessible to all the people?
Bitwatt aims to deliver the cost-effective ecosystem fully by 2022. The three-tier chain of producers, energy suppliers and smart consumers can enjoy the flexible system that meets the consumer’s needs much more productively. By using Ethereum as the abstract foundational layer, Bitwatt is able to implement all the features and rules of its protocol directly into smart contracts. On top of Ethereum, the services are built using Geth- a multipurpose command line tool that runs a full Ethereum node implemented in Go.
Peer to peer settlements
The platform provides a multifunctional framework for energy cooperation that is unique under international law. It is designed to provide energy security through competitive energy markets, while respecting national laws in each operating country. Bitwatt, as a crypto-tech, helps in the effective consumption of electricity and is a dawn of the energy regulation in the 21st century.