Blockchain holds key to reinventing energy grid

In the near future, the Internet of Things (IoT) will enable billions of smart devices to sense, respond, communicate and share data. Those things will also have the ability to generate, buy and sell their own electricity.

Now imagine if each household that has the ability — and a lot of these things — to generate and store electricity can enter into automated, peer-to-peer transactions with neighbours or sell power back into the grid at the market rate, rather than through a third-party utility.

But first, consider the aging energy grid of today, which is from the industrial age — large central sources broadcasting power to “dumb” appliances. This will have to change.

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The Blockchain Revolution, an excerpt from Don and Alex Tapscott’s upcoming book

In an excerpt from their upcoming book, Blockchain Revolution: How the Technology Behind Bitcoin is Changing Money, Business and the World, Don Tapscott, the bestselling author of Wikinomics, and his son Alex Tapscott, explain why blockchain technology — an open, distributed, global platform — will fundamentally change what we can achieve online, how we do it, and who can participate.

It appears that once again, the technological genie has been unleashed from its bottle. Summoned by an unknown person or persons with unclear motives, at an uncertain time in history, the genie is now at our service for another kick at the can—to transform the economic power grid and the old order of human affairs for the better. If we will it.

Let us explain.

Read the full article on the Toronto Star