Using Blockchain To Disrupt The Energy Industry | Suncontract

by birtanpublished on September 13, 2020

What's up crypto gang welcome back to another episode if you guys are new here we do a giveaway at the beginning of every single episode and today's winner is exhbit go thanks so much for commenting on the previous video except it go just sent you some crypto on this

Episode I go over some contract fun contract is decentralizing the industry of energy so what they mean by that is they are applying blockchain to an entire community of people in Slovenia that are allowing them to drive their

Costs down by buying and selling each other's energy one of the great things about this space is one of my buddies that I grew up with is deeply entrenched in the solar panel industry like he is actually running multi-million dollar

Projects that are being set up in the United States all across the nation and it's very exciting to see something like this come out where there are a lot of monopolies that exist in the energy sector where they are distributing out

The energy depending on how much they want to charge and things like that so what some contract is trying to do is they are saying if you have a neighborhood everyone has solar panels and you generate a certain amount of

Energy you should be able to sell that to your neighbor at a lower rate that the you know competitor is setting because competition is good so for example if 12 houses on my block down the street are generating a ton of

Energy and maybe some are using more energy than they're generating you can sell it to each other which allows for this really cool network built on top of a community that it already exists people are paying for energy as it

Stands and if you can get cheaper energy from your neighbor that you know personally why not every major city across the entire world has a power grid that has traditional power producers and generators distributing out their power

And collecting a hefty bill from everyone in doing so so for example if it was peer-to-peer with Sun contract everyone could buy and sell to each other and it would decentralize that entire monopoly if these producers that

Are producing energy and selling it at a premium to people within a community the subcontract has a live platform they've launched in Slovenia like I said and they are rolling out the platform in Italy this upcoming a quarter of this

Year so it's a very exciting space to be in I personally have a connection there like I said my buddy that I grew up with is deeply involved in this space and it's an exciting place to start with blockchain because it makes perfect

Sense you have an immutable ledger that no one can mess with there's an audit trail it's safeguarded because it's peer-to-peer on an exchange where people have full control of their information

And ultimately you are helping each other out you can lift up your neighbours in the community if you're generating more power than you're using and you can track that consumption like you can track how much energy you're

Using I don't know how many people watching this have actually looked at their bill and seen like oh yeah I used this many watts this past week and this many watts this past week it just no one really does that so it's interesting

That they are not only rolling out this blockchain solution but they are rolling out this personalized dashboard that will allow you to track your energy consumption and ultimately when you're tracking things including like a budget

You spend less if you use less that's just basic psychology so removing the intermediary and just giving the power to peer-to-peer exchanging through buying and selling energy is a very powerful and bold mission I love the

Idea of p2p electricity with that said this video is sponsored by Sun contract I reached out to them because like I said my buddy does work in this industry and he's developing all these solar panels all over the United States so

It's a really great space to be in and I'm excited to see someone launching a blockchain product in this space with an already live platform and they're already live in two different countries which is very exciting to watch them

Slowly roll this out cover this video I'm going to be doing a deep dive of their website show you guys the benefits of using a platform like this and if you're based in one of the countries that this exists they are coming to

Multiple countries this year and more next year so let's dive right into my overview the warmest house in the world is the one you call home each family house is unique each has its own personality its

Inhabitants dimensions surroundings some almost touch the clouds some are closer to the ground some are smart and self-sufficient and there are those in a perfect harmony with nature although our houses are

Quite different transparent traditional modern futuristic or classical most of the houses in the world share something incredible above each house shines the Sun and beneath everyone heats the earth

Is there a source people can use to produce all the energy needed at our homes how can we choose to buy home generated energy from other houses in our community when will people be able to choose and support a self-sufficient

Energy community choose the Sun use the Sun Sun contract once on the website I wanted to show you guys that you can sign up for the platform based on the country that you're located in right now it's in Slovenia you can see the

Platform launched on April 13 to 2018 and they've also partnered with an Italian energy company as well as the government-owned ceca and they're going to be working together with Sun contract to penetrate the Philippines kagan

Freeport area so very exciting that they have these multiple partnerships in place to help them expand into new areas in the final sentence they're saying that through the platform Slovenian households are currently witnessing

Electricity cost reductions while also choosing sustainable energy sources also the fact that it is a bit of a marketplace platform you can see here that they are diversifying out of not only just solar but it is Sun when hydro

Or something else the choice is yours so they are keeping the door wide open for multiple green sources of energy that are going to be on the platform it will allow people to exchange so a little bit on the mission as to why

Decentralizing energy is important and this is something that like Elon Musk is working on where he's very much trying to break into this space it is a huge space and seeing that electric power industry in general has had you know

Control over the markets or about a century now it is true and it is quite bizarre if they have this monopoly over everything so they've had full sovereignty over generating transmitting

And distributing and selling of electric power so users of Sun contracts platform will have the power to select where their energy is produced and they'll be able to

Exchange directly with their neighbors and their local community so it is very much like a community driven approach to D centralizing how these mega corporations have a monopoly over the energy sector so using a small community

You could effectively exchange with each other and help each other out so for example I could have like a very big house that I need to have a lot of electricity for I could have solar panels all over it and there could be a

Smaller house down the block that I know and I could sell them electricity using blockchain one of the most compelling things about energy efficient households is the fact that you can save on them over time so one of the things that Sun

Contract is trying to work on is the fact that not only do you know where you are getting your energy from like if I'm getting it from my neighbor's house if they have a bunch of solar panels all over the place I can just buy cheaper

Energy off of them but you are able to track your consumption that's a big problem I actually knew a couple startups that we're trying to just simply track people's consumption when I lived in Silicon Valley and it is a big

Issue that people don't really know how much energy they're using they get a bill every once in awhile from these corporations and they don't really know where it's going or they don't have like an itemized receipt so now you have a

Personal dashboard where you can actually follow your daily consumption and you can adjust as you see fit because you are directly purchasing it or selling it so you can very much widen or loosen the hose going in and out of

Your house when it comes to the energy that it is actually consuming in terms of the safeguard that blockchain provides this is transparency transparency does in fact buy people credibility the open source movement has

Driven people to be able to trust more in code and you're able to see this immutable ledger that no one can change so the audit trail is pretty much seamless it's already there so everything is out in the open it's a

Tamper-proof system everybody kind of in the space understands that but applying this to something as simple as you know your transaction with energy that you're producing or your neighbors producing that your

Saying it is important to know that everything is there and you have full control over your personal information and your personal usage of that energy that is it for my overview of Sun contract I hope you guys liked it if you

Did slap a like all the links will be in the description below go show them some love share this video out and let them know who sent you I'm excited to follow the project because visit near and dear subject to me and I really think that

P2p electricity has a future especially using something like the blockchain and providing energy to each other and helping support the person next to you in your neighborhood and giving them energy that you aren't consuming

Lowering your consumption and really just emphasizing the community aspect of life that is it for this episode hope you guys like it slap like if you guys are new here don't forget to subscribe for more of these videos and I will see

You on the next episode of hack Krypto

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