Surging Electricity bills can be stopped using Blockchain Technology
Bitcoin the new trend in the market in recent times. The technology which is used to create to such cryptocurrencies is called Blockchain technology. The same technology is now being used to eliminate energy waste in the world. The company says that it will achieve this goal by removing the imbalances between supply and demand, they also say that their product is simple, sustainable and scalable system.
The company which is trying to bring energy and power management is named Bittwatt. This company is working to create a marketplace which is powered by blockchain which shares the consumption data in real time and also the matchmaking platform which is a new portal in their website which allows users to buy and sell energy securely based on users requirements.
The entire system on Bittwatt runs on blockchain technology which poperly shows the system when there is a increase in demand of energy so that the power stations and plants can be asked to increase the output and also at the times of high demand, users who have unused energy are asked to sell that energy back so that it can be used to meet the demand. This in turn reduced the pressure on the power grid in times of surge.
Bittwatt says that the existing energy sources are being utilized to their full potential even when there is no requirement from the users side for them to be used to that level. So their system of demand-response mechanism works well to ensure that what is required is what is produced – this will reduce the energy wastage.
The demand and supply mechanism that we are working with in today’s world is outdated and needs to be reformed says the company. With a sudden increase in demand for energy there is huge pressure on the power grids to produce them and supply. And also it is illogical to purchase extra energy and store for later use. This approach will only add up to an additional costs and does no good.
In the white paper that Bittwatt presented, it says that the costs and losses in the energy industry are piling up and needs to be acted up on very fast. These losses are ultimately put on the end customer which in-turn makes the energy costly than it was before.
The solution by Bittwatt
If you are unhappy with your energy supplier and you want to change it then takes around 14-90 days for that processing to happen. Also, bureaucratic delays also are present which makes the customers very unhappy and hence they stick to the existing supplier. But with Bittwatt this change of vendor can be done in less than 24 hours claims the company.
Also, Bitwatt helps you with the demand-supply of energy. If there is a huge increase in demand then it will buy back energy from its inactive customers and supply it to the ones in need. So this reduces a lot of problems related to wasting of energy.
Funding to launch Bittwatt
This startup Bittwatt, which is currently runnings its ICO in four phases and is looking to have all the money it needs to launch the product into the market from these ICOs and not from any investors.
For the ICO (Initial Coin Offering) the company has come up with ERC20 token called BWT. The value of each BWT token is compared to the cost of one kilowatt house of electricity.
The pre-ICO which was held in March made the company $10.8 million in five days of time.