An Engineering Blockchain Cryptocurrency

The revolutionary aspect of the blockchain is starting serious discussions in the Professional Engineering community. Indications are that there are some fundamental problems in Engineering may be solved by the issuance of a token, in this case called Quant (1) and is currently in the “sand-box” phase of development.

The plan, in part, involves mining Quant to create a public key, or data-base called Engipedia.  There is also a “proof-of-stake” (2) aspect, which forms an engineer’s private key summarizing by algorithm the engineer’s personal data such as education, qualifications, projects, and other contributions or related works.

The Quant token, which is proposed to have inherent smart contract capabilities will be mined by engineers in a variety of ways, most of which are intended to establish an expanding  knowledge base, one such enterprise is called Engipedia. This is a knowledge base which has a formidable upside for democratic technological advancement and dissemination of workable knowledge worldwide.

As a virtual currency, the Quant token may provide a necessary bridge to financing that was previously inaccessible to engineers. Often pools of capital are controlled by vested interests or politically minded parties. Economic opportunities, which previously were unavailable due to lack of funding, may now have a financial vehicle for entrepreneurial Engineers.

The Design is the Contract

Engineering is different than finance and insurance. Finance and Insurance merely need to represent a physical object in a party / counter-party transaction script.  There is no design involved. Engineering represents a physical object – the engineering design and specification IS the smart contract. Then, what happens in construction, operations, maintenance, renovation, and replacement is far too complex to be scripted in a single smart contract. Engineering outcomes involve enormous mass, forces, and real-life consequences. (3)

References:

  1. The Market for QUANT
  2. QUANT Proof of Stake
  3. A Warning to Engineering Firms Concerning Blockchain Technology
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Energy Certificates and the Blockchain Protocol

In the world of energy production, renewable energy sources, micro grids, large scale users, and other forms of electric power schemes there is a concentrated effort being placed on utilizing the Blockchain protocol.  This is because of the unique way in which a unit may be defined and tracked, similarly, can be associated to tracking quantities of value created and utilized in a complex trading scheme.

In a recent article (1) it has been reported that Jesse Morris, principal for electricity and transportation practices at RMI and co-founder of the Energy Web Foundation (EWF) received $2.5 million to develop the Blockchain protocol for energy purposes.

“We have a strong hypothesis that blockchain will solve a lot of long-running problems in the energy sector,” said Morris. “Overcoming these challenges could make small, incremental changes to energy infrastructure and markets in the near term, while others would be more far-reaching and disruptive.”

Certificates (also known as guarantees) of origin would assure the user that a particular megawatt-hour of electricity was produced from renewables. According to Morris, the U.S. alone has 10 different tracking systems, Asia-Pacific has several more, and each European country has its own system of certification. Blockchain could be used to transparently guarantee the origin of the electrons.

Longer-term, and more radically, RMI sees the future of electricity networks being driven by the billions of energy storage and HVAC units, EVs, solar roof panels and other devices and appliances at the grid edge.

Blockchains can allow any of them to set their own level of participation on the grid, without the need for an intermediary. And crucially, they can be configured so that if a grid operator needs guaranteed capacity, the grid-edge unit can communicate back to the grid whether or not it’s up to the task.

This is an example of what Morris described as blockchain’s ability to “fuse the physical with the virtual” via machine-to-machine communication.  (1)

Another example of the emergence of the usefulness and interest in the Blockchain protocol is in crowdsourcing and distributed ledger applications.

Illustration by Dan Page (2)

At its heart, blockchain is a self-sustaining, peer-to-peer database technology for managing and recording transactions with no central bank or clearinghouse involvement. Because blockchain verification is handled through algorithms and consensus among multiple computers, the system is presumed immune to tampering, fraud, or political control. It is designed to protect against domination of the network by any single computer or group of computers. Participants are relatively anonymous, identified only by pseudonyms, and every transaction can be relied upon. Moreover, because every core transaction is processed just once, in one shared electronic ledger, blockchain reduces the redundancy and delays that exist in today’s banking system.

Companies expressing interest in blockchain include HP, Microsoft, IBM, and Intel. In the financial-services sector, some large firms are forging partnerships with technology-focused startups to explore possibilities. For example, R3, a financial technology firm, announced in October 2015 that 25 banks had joined its consortium, which is attempting to develop a common crypto-technology-based platform. Participants include such influential banks as Citi, Bank of America, HSBC, Deutsche Bank, Morgan Stanley, UniCredit, Société Générale, Mitsubishi UFG Financial Group, National Australia Bank, and the Royal Bank of Canada. Another early experimenter is Nasdaq, whose CEO, Robert Greifeld, introduced Nasdaq Linq, a blockchain-based digital ledger for transferring shares of privately held companies, also in October 2015. (2)

 

References:

  1. Energy Companies look to Blockchain
  2. A Strategist’s Guide to the Blockchain

Wide Bandgap Semiconductors – LED’s and the Future of Power Electronics

Hidden inside nearly every modern electronic is a technology — called power electronics — that is quietly making our wor…

Source: www.youtube.com

See on Scoop.itGreen Energy Technologies & Development

 

“Hidden inside nearly every modern electronic is a technology — called power electronics — that is quietly making our world run. Yet, as things like our phones, appliances and cars advance, current power electronics will no longer be able to meet our needs, making it essential that we invest in the future of this technology.

Today [January 15, 2014], President Obama will announce that North Carolina State University will lead the Energy Department’s new manufacturing innovation institute for the next generation of power electronics. The institute will work to drive down the costs of and build America’s manufacturing leadership in wide bandgap (WBG) semiconductor-based power electronics — leading to more affordable products for businesses and consumers, billions of dollars in energy savings and high-quality U.S. manufacturing jobs.

Integral to consumer electronics and many clean energy technologies, power electronics can be found in everything from electric vehicles and industrial motors, to laptop power adaptors and inverters that connect solar panels and wind turbines to the electric grid. For nearly 50 years, silicon chips have been the basis of power electronics. However, as clean energy technologies and the electronics industry has advanced, silicon chips are reaching their limits in power conversion — resulting in wasted heat and higher energy consumption.

Power electronics that use WBG semiconductors have the potential to change all this. WBG semiconductors operate at high temperatures, frequencies and voltages — all helping to eliminate up to 90 percent of the power losses in electricity conversion compared to current technology. This in turn means that power electronics can be smaller because they need fewer semiconductor chips, and the technologies that rely on power electronics — like electric vehicle chargers, consumer appliances and LEDs — will perform better, be more efficient and cost less.

One of three new institutes in the President’s National Network of Manufacturing Innovation, the Energy Department’s institute will develop the infrastructure needed to make WBG semiconductor-based power electronics cost competitive with silicon chips in the next five years. Working with more than 25 partners across industry, academia, and state and federal organizations, the institute will provide shared research and development, manufacturing equipment, and product testing to create new semiconductor technology that is up to 10 times more powerful that current chips on the market. Through higher education programs and internships, the institute will ensure that the U.S. has the workforce necessary to be the leader in the next generation of power electronics manufacturing.

Watch our latest video on how wide bandgap semiconductors could impact clean energy technology and our daily lives.”

source:  http://energy.gov/articles/wide-bandgap-semiconductors-essential-our-technology-future