₿ "How Blockchain Is Changing Energy"

Podcast’s Essential Bites:

[4:27] SB: "When we talk about blockchain and distributed ledger technology, I think there's one key definition that [...] says [blockchain is] unchangeable, tamper proof, shared digital ledger of state changes of digital assets. [...] In essence, what we're really talking about is that it's shared across industries, individuals, it allows a low barrier of participation, and it moves from centralized models to decentralized models."

[6:27] JM: "One of the reasons [the energy market participants] weren't moving fast enough is because they did not have the digital tools required by the energy transition. [...] The energy system is changing underneath our feet. We're moving to a system in which instead of several dozen or several 100 power plants, for example, in one area are balancing the grid, eventually, billions of small assets, including [...] electric vehicles [...] are going to become the basis of the electric grid. And those assets are owned by many different businesses, many different people. [...] This is where the Web3 technologies [...] really come in handy. [...] It's really about giving real businesses an incredibly secure, low cost way to exchange data in support of this pace problem, in support of helping companies move to a world in which billions of different assets owned by different parties are contributing to a low carbon economy instead of the system that we currently have."

[10:49] SB: "What to me personally is so exciting is that we are going through that huge transformation in the energy sector. We have so much urgency to re-architect the way that energy is produced, the way that it is distributed, and the way that it's consumed. And [...] I believe that digital technologies, many different ones, but especially blockchain can help [...] [to] provide a shared level infrastructure to coordinate and exchange data in a decentralized way."

[11:35] SB: "When we talk about blockchains, we normally also talk about trustlessness in that area. Because instead of needing to trust central entities or companies about their claims, we can actually through blockchain verify where data comes from, verify transactions in the public domain. And I think when we're all moving together [...] to a net zero economy and world that level of trust and transparency and of data integrity are going to be key foundations for us to be successful in all of this."

[20:58] SB: "We set out with a mission to help decarbonize the aviation sector. [...] We can't switch to electrification overnight for aviation [...] and at the same time, we need to transition to lower carbon fuels. And sustainable aviation fuel is a solution ready today that can be adopted by airlines to reduce those emissions. The one problem is that there is not a lot of availability of sustainable aviation fuel at an affordable price. So it's hard to create that market and for airlines to buy it and consumers to use it. So what Avelia [...] has set out to achieve is to connect airlines and businesses from all over the world, and allow them to in a trustworthy and more transparent way, share the environmental benefits of sustainable aviation fuel and [...] as an ecosystem help to reduce the emissions of the aviation sector. So blockchain underpins this as an architecture. [...] It provides the clear and transparent tracking mechanism of these environmental attributes of sustainable aviation fuel that are driven from production through the aviation fueling network. [...] With the use of blockchain, we can really make sure that we are able to prevent any double counting of sustainable aviation fuel in the system as a whole."

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