4NEW: Defining Energy Efficiency

4NEW: Defining Energy Efficiency

Energy efficiency is one of the most important approaches to reducing electricity consumption. Information and communication technology (ICT) play an increasingly important role in achieving higher efficiency targets. In particular, smart grids can achieve energy efficiency by integrating information technology and the interactions between suppliers and customers. Smart grids have been used since 2005, when Amin and Wollenberg (2005) introduced the concept of smart systems in electricity networks. Smart grids help in avoiding the problems of traditional systems, such as transmission loss, inefficiency, unbalanced supply and demand in peak time, and interdependency among the components of the network.

The improved flexibility of the smart grid network helps to develop different kinds of renewable energy sources, such as solar and wind power. The smart grid enables households to have their own devices to produce renewable energy and trade their surpluses of electricity. Furthermore households can manage their electicity consumption by using intelligent control systems.

Regarding the outlook of the renewable energy market, a marketplace for energy trading in small volumes is required. The will use Distributed Generation (DG) because of environmental concerns and the limited availability of depletable fossil fuels in the future. By 2030, it is expected that the U.S. Department of Energy (DOE), through the implementation of its research and development plan, will produce 20% of U.S. electricity generation, an estimated 200 GW, from distributed and renewable energy sources. Due to the predicted high penetration of DG in the future, the power industry should be restructured accordingly. In order to facilitate the use of renewable energy sources, it would be better for power distribution systems at the retail level to change to market-based operations. The market is based on two-way interactions between stakeholders facilitated by internet telecommunication (IT).

4NEW solution

4NEW is a company based in the United Kingdom that will own and operate waste to energy treatment plants. Given the severe shortfall of energy and surplus of waste, their product is grounded in necessities, solving two social problems. Their blockchain platform will be built on top of the underlying treatment infrastructure covering the entire supply chain from collection of waste to generation of electricity to sale of energy units to the national grid in the United Kingdom.

The blockchain platform is eco-friendly and powered by waste to energy power plants. The idea is a unique and simple process of refining waste product into water and organic materials to create energy that is then exploited to either be sold to the national grid or applied to operate mining processes at an onsite mining farm.

The platform’s coin, KWATT which is at the present going through an ICO, will be used in a number of sectors like the healthcare, money transfer companies and telecommunication companies. The coins functionality will come into effect upon the completion of its blockchain.
4NEW is building a business model that is similar to that of Apple Inc, Where you have the ability to avail numerous services all powered by the platform’s power plant entirely dedicated to its blockchain.

Useful Links:      Website | Whitepaper | Lightpaper

Author Detail:

BountyHive Referral Link:         Orangeseller
ETH Address:                              0x1461C3727dC461EfF7B32751dFf56c51c2218d5E

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