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Block chain is a decentralized database in the form of open distributed ledger for maintaining a tamper-proof record of transactional data from un-trusted participants over a distributed network. It uses cryptography, consensus algorithms and digital signatures for commoditizing trust and provides features like security, trust, immutability, transparency, fastness, integrity etc. Block chain facilitates adoption and negotiation of distributed energy transactions through automated smart contracts for modernizing the power marketplace. This in turn, makes the power grid more secure and resilient.
IoT (Internet of things)
The Internet of Things is a system of interrelated computing devices, mechanical and digital machines, objects, animals or people that are provided with unique identifiers and the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction. There are number of serious concerns about danger in the growth of IoT, especially in the areas of privacy and security.
Block chain application in Renewable Energy
Solar bankers uses block chain technology to develop digitalized electricity systems. While energy intensive crypto currency mining has caused a spike in carbon emissions, block chain is a blank canvas capable of driving innovation in the field of green technology.
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