It is hard to believe that in 2019, 1.2 billion people still don’t have access to electricity, and those who do have access are almost entirely dependent on fossil fuels. In order to address this issue as well as the impacts of climate change, there is a need for a fundamental change in the infrastructure that orchestrates energy distribution. Australian startup, RedGrid, is committed to addressing these challenges with their innovative approach that capitalises on distributed-ledger technology.
RedGrid recently sat down in an interview with Holochain to discuss their partnership with the company and how together they are building the “Internet of Energy” (IoE). RedGrid explained how their platform will enable devices to save money against energy market prices, exchange value directly with one another, and create a more balanced grid that empowers renewable growth.
As a result, each energy device on the IoE will be able to ‘talk’ to each other in a language they understand (regardless of their manufacturer), and use their available energy more efficiently through collaborative actions. By creating a harmonious grid at scale, RedGrid believes it can improve grid stability and avoid blackouts like the ones that were experienced throughout Australia over summer.
Both RedGrid and Holochain are mission-driven companies, which facilitates a strong partnership as they share the same passion to address climate change and energy access. Holochain offers a unique solution in comparison to other blockchain-like companies, as it has no energy associated mining costs.
The potential impact of the IoE is massive. Clean, stable energy access affects all aspects of society and can create transformational benefits in health, education, productivity and quality of life.
To find out more go to redgrid.io.
Watch the full interview here.