Blockchain: A Boost for the Energy Industry

By CIOReview | Friday, November 3, 2017
235
443
101

The energy industry has been slow to embrace change and disruptions unleashed by technology although such companies have invested millions of dollars in the last decade to build efficient systems for their regulatory requirements and key risks. Blockchain acts a catalyst for the energy industry—promising to speed things up and radically transform the industry's processes and markets. The

Blockchain technology shows great potential as it can be used to not only execute energy supply transactions, but also to create the basis for clearing processes, metering, billing, application in the documentation of ownership, the state of asset, renewable energy, and white certificates, guarantees of origin and emission allowances. For example, common use case for blockchain within the energy industry is the development of crypto-currencies for monetary payments

The potential cost-saving and process efficiencies are too compelling to ignore. Some energy companies have calculated the savings to the tune of 30 to 60 percent on their structural costs. Blockchain technology will lead as the accelerator of the world energy transition, helping organizations to have a decarbonized and decentralized energy system that will be more resilient and cost-effective.