Blockchain in the energy sector. A flash analysis.
Blockchain was originally developed as infrastructure for digital currencies. However, it can do much more: blockchain could become a game changer for entire sectors - also for the energy industry?
Be it electricity trading or system control: blockchain projects could play a key role in the digitalisation of the energy system since transaction technology makes it easier to exchange, validate and document data. Yet blockchain faces big challenges:
Not only does the electricity infrastructure need to be optimised and adjusted accordingly to the changed needs, but the energy required by blockchain transactions must be made more calculable (currently approx. 250 kWh of energy per transaction) and a legally binding framework must also be set up.
What opportunities can blockchain projects offer the energy industry? Will it even lead to a revolution?
Published: May 2018