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Modified Bitcoin Technology Set to Change the Energy Game

Bitcoin Energy

The smart plug by Accenture is set to search for the cheapest power supplier in the country (in real-time) and settle for the cheapest price that is currently available, reducing consumers electricity costs.

If you have ever heard of blockchain, chances are it was because of the rise of cryptocurrencies, with the poster child being Bitcoin. Now, it appears, blockchain has a lot more going for it than merely trying to change how we make transactions.The push is coming from Accenture, the world’s largest consulting firm, after developing a smart plug using modified Bitcoin blockchain technology that confers average customers the unique ability to purchase energy in real time, resolving in genuine decentralisation of smart energy grids.

How this works is that the plug powered with purchasing power will tirelessly shop around for different power suppliers on the live market in real time, buying the best priced energy bundle available. In simple terms, the plug negotiates deals on behalf of its owner.

It represents the next level of energy purchasing where customers no longer have to rely on one contract with a specific service provider. As well as flexibility, other advantages are cutting out middlemen, gaining significant control and potential substantial cost savings of a utility that is central to much of our everyday life.

Accenture went about the modification of the blockchain to make it more active by infusing high end logic or business behaviour into the blockchain. To put it simply, the digital ledger carries a “smart contract”.

However, while the innovation carries a lot of promise, it is not devoid of challenges at the moment. Of these challenges, one of the most pressing is the current state of contract law.

A resounding question is, who is ultimately responsible for the contract when a device decides to purchase from another device?

In any case, the utilities market in the energy industry is long overdue to gain more strides in terms of digital transformation. Therefore, while potential pitfalls may almost certainly arise down the line, Accenture’s smart plug is beneficial for the customer in the long run.

About the author

Dean Smith