For some years now, the Gulf Coast countries of the MENA peninsula have been innovating when it comes to green energy and efforts to diversify from traditional fossil fuel sources. Now, experts are saying that blockchain operations could be a real complement to green programs by the Saudis and some of their neighbors.
American tech consultant Booz Allen Hamilton has weighed in on this potential synergy according to a Middle East albawaba Business News article posted this morning.
“The GCC — a regional political and economic union that includes all the Arab states of the Persian Gulf, except Iraq — reportedly aims to install 80 gigawatt (GW) of renewable energy capacity across its six member states by 2030, set to account for over half of the union’s existing conventional capacity,” Cointelegraph’s Marie Huillet explains in reporting this morning.
Looking at these aggressive benchmarks, Booz Allen is suggesting an isolated blockchain system as a vehicle for facilitating green energy initiatives.
Booz Allen MENA VP Dr. Adham Sleiman is on record talking about how to manage next-generation utilities.
“(Distributed energy resources) are changing the landscape; we are moving towards a more decentralised grid, where utilities no longer fully control the system,” Sleiman said according to a press statement. “Utilities now need to look beyond energy delivery. Blockchain applications can help with enabling P2P energy trading, tracking renewable energy, and articulating smart contracts.”
Moving utility companies from traditional centralized programs to innovative decentralized grids can have all sorts of benefits, including efficient green energy implementation and targeted reporting of energy use in a community.
If you are investing in crypto, keep this in mind as officials around the world consider how blockchain and perhaps some cryptocurrencies can support the massive changeover that’s needed to stem climate change and carbon emissions and leverage the technologies of tomorrow.