Blockchain technology is all about disrupting traditional markets that aren’t as efficient as they should be. And while it seems that most blockchain projects are focusing in changing the way we
transact, how secure we interact online and how private our information is, today I’m going to be talking about Bluenote, a blockchain project that addresses all of this but also focuses in the issues of global warming, energy waste and sustainable investments. How you may wonder? Through the most overlooked issue right now worldwide: buildings.
Carbon emission is the main cause for global warming.
30% of the world’s carbon emissions is caused by buildings. They also consume 40% of the world’s energy. More than 70% of buildings built in the US were built before the energy crisis in the 1970’s, which means they are not efficient and adapted to today’s sustainable practices.
The Bluenote project identified this problem and is currently working in a solution: the world’s first blockchain based energy efficiency protocol.
How it works?
Getting the right data to improve the energy efficiency of a building is pretty complicated. Building’s energy use, operational and asset value data is rarely available. If it is, this data is trapped in different vendors silos. Sometimes, data owners are concerned about exposing confidential data. Or simply put, building operators don’t have the decision making tools they need, they can’t calculate the financial benefit that improvements and upgrades would generate, because they can’t track their current performance in the first place. This creates a lack of financial incentive.
So Bluenote will standardise these data streams through the Bluenote protocol. The protocol is an open-access confidential network that enables to share data, services and analysis in order to learn how to implement energy efficiency strategies to improve asset value, reduce operational costs and decrease energy waste. This benefits building owners, energy tech companies and financial institutions because unlike other solutions that attempt to tokenize energy trading, Bluenote creates an entirely new market for energy efficiency data services.
Why is there a need for a decentralized blockchain protocol?
Governmental entities cannot initiate a project like this on their own. It falls out of regular policy instruments. A decentralized blockchain protocol allows data to be valued across boarders and across industry sectors without depending on the approval of a government agency. Besides, large companies in the energy sector have proven to only hoard this data, not exchange it or value it. Industry players have worked poorly with competitors in the past and present because they are bias towards their own solutions. This new global trust in energy efficiency can’t be done in a centralized manner. Only a neutral decentralized protocol can make this happen.
There’s definitely great benefits behind this idea. In summary, reducing costs, reducing energy consumption, increasing profitability and value as well as contributing to a more sustainable world is positive for everyone. And don’t think that this is just an idea. It’s a work in progress.
Currently, there’s 100,000m2 of buildings using a prototype of the protocol, there’s a pilot program with 2 of the largest energy companies in the US and the team behind the project has vast experience in this industry.
This is a project to keep an eye on. I encourage you to read the whitepaper for more detailed information, engage in the community to ask questions and get involved.
If you guys would prefer to watch a video I made for this you can do so here:
Disclaimer: Keep in mind that I’m participating in the content creation bounty campaign. You can join any campaign you would like to participate here: https://bitcointalk.org/index.php?topic=5081576.0 I’m participating with my account https://bitcointalk.org/index.php?action=profile;u=882182
Therefore, I’m not giving investing advice, this video is purely educational in regard to Bluenote.