MANALAPAN, N.J., Jan. 18, 2018 (GLOBE NEWSWIRE) --
Sun Pacific Holding Corp. (OTCQB: SNPW) is pleased to announce the Company’s move to integrate blockchain technology into its renewable energy business model and strategy designed to improve grid management efficiency for solar and wind farms. This news comes after Sun Pacific Holding Corp. announced that the Company signed a Letter of Intent to purchase 60 acres of land to build a solar and wind farm, where electricity generation will be optimized through a combination of both energy sources.
Sun Pacific also announced its plans to take this project one step closer to the future by utilizing blockchain technology to monitor the new grid, load balance, and increase the life of electrical equipment.
Today blockchain technology is most famous for its role in digital currency and finance. Yet blockchain technology is poised to disrupt multiple sectors, including the renewable energy sector where the use of blockchain technology could potentially reshape antiquated and aging energy systems.
In the United States, certain parts of the energy network are over a century old. Within that network, 70% of the grid's transmission lines and power transformers are over 25 years old. While these systems flounder in the dark ages, the demand for efficient energy solutions for small communities is increasing. This strains antiquated energy systems, and Sun Pacific Holdings hopes to alleviate some of this strain through the utilization of blockchain technology.
On the customer level, Sun Pacific Holdings can use blockchain to provide authentication and effectively manage an otherwise cumbersome billing process. Blockchain technology can also help fulfill customer demands in real time.
On the larger national level, Sun Pacific Holdings plans on using blockchain to help bring our energy systems into the future. With blockchain technology, Sun Pacific Holdings can link its microgrids to the larger national grid system. In the long run, this could potentially allow individuals to sell energy back to the grid, avoid blackouts through energy sharing, and switch energy providers without hassle.
“We believe the future of energy lives on the blockchain and we're excited to be using blockchain technology to make managing the grid more efficient.” says Mr. Nicholas B Campanella CEO and Chairman.
In order to participate in this kind of blockchain system, a business or household must purchase a node. These nodes will be used to validate and share information throughout the microgrid, minimizing the amount of human interaction needed to operate the system.
Overall, a system balanced on blockchain has the potential to be far more efficient than the current energy system. By merging blockchain technology with the renewable energy space, Sun Pacific Holdings can help small communities gain energy independence while interacting with the larger energy grids.
About Sun Pacific Holding Corp.
Sun Pacific Holding Corp. (OTCQB: SNPW) uses management's knowledge and experience to serve its customers and now its shareholders through quality service and equipment, working to keep customers satisfied, and by doing our part in protecting the environment with smart green technology. For more information, visit www.sunpacificholding.com.
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