Blockchain in a Nutshell

Blockchain technology is driving innovation and scale-up in the energy, climate, and environmental sectors. ‘Blockchain’ is the technical term used to describe a new form of distributed ledger of trusted transactions - a database.

The Blockchain records all the transaction information, when two users agree to complete a transaction amongst themselves (so called peer-to-peer system). With Blockchain digital value is exchanged. Value is understood in very broad sense: starting with currencies, over a real estate contract, piece of art, services, identity, supply chain tracking upto property rights.
Since the birth of Blockchain in 2008 the technology has evolved on both the technological side and changes in functionality. We can distinct three phases:

  • Blockchain 1.0 refers to the use of Cryptocurrencies (e.g. Bitcoin).
  • Blockchain 2.0 has introduced the concept of Smart Contracts (e.g. Ethereum platform).
  • Finally, Blockchain 3.0 describes the applications of the technology that is to cover all those possible value exchanges beyond financial markets in areas of government, culture or science.

Transactions can be transfers of digital tokens representing currency, information, or even the assignment of a library book ID. Because information changes are verified and immutably recorded across a network, records cannot be changed or tampered with. All transactions are transparent and can be monitored by anyone using a blockchain explorer. Because of their distributed nature, blockchains can reduce transaction costs and time. More importantly, blockchain technology is poised to revolutionize the exchange of value, replacing the need for trusted intermediaries such as banks or currency exchanges.

SolarCoins are blockchain-based tokens issued into circulation when solar energy is verified to have been produced. SolarCoins can be transacted among peers. Transactions are collected, verified and summarized in blocks - creating the SolarCoin blockchain. The SolarCoin blockchain is the high integrity data foundation of the project: a decentralized, incorruptible and auditable record of solar energy produced.

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