Blockchain technology is defined as an encrypted and distributed records of transactions within a network where identical replicas of transactions are adequately distributed among the network participants. Asymmetric encryption allows each blockchain participant to get control over full node that publish new blocks, authorize the blocks and update the ledger. The significant factors that compel the blockchain technology to be utilized in energy sector is the mismatch between the energy supply and demand at territorial levels, transparency in energy transactions, security of solar assets, creating a direct relation between energy supplier and consumer and most imperative the wide-spread of green energy. SolarCoin develops a way for peer to peer energy transactions and secure storage of solar energy data into its public blockchain. Solar installation is registered with SolarCoin foundation by exhibiting genuine documents of the plant that certify its proof of generation and activity over time. The owner of successfully registered solar installation is rewarded with SolarCoin based digital currency known as SLR in result of every Mega Watt hour (MWh) of solar energy generated.
Saad bin Ejaz
Electrical Engineer at Infineon Technologies AG| Blockchain Enthusiast | Traveller | Explorer
Number of Pages:
SolarCoin, Cryptography, asymmetric encryption
TECHNOLOGY / General