Blockchain: “Opening Doors in The Energy Sector”

Blockchain is most commonly known as the technology that underpins cryptocurrencies, the most well-known of which is Bitcoin. But the capability of the technology goes further than just the banking industry as it can also be harnessed to transform the renewable energy industry.

In a 2018 article, Deloitte forecasted that blockchain will serve as the ‘underlying backbone’ of the energy sector’s transactional infrastructure. Indeed, blockchain is set to transform the renewable energy industry in many ways from certifying the source of green energy by allocating generation assets to a specific point of consumption to making energy grids more accessible through data-sharing in real-time and through enabling a transaction between two parties; the latter of which will be the focus of this article.

Through enabling tracked, verifiable and secure transactions between two parties, essentially cutting out the middle man that has long been relied on to transfer information and goods between buyers and sellers, blockchain empowers individuals – traditional consumers of energy – to actually produce and sell power, leading to a decentralized and distributed energy sharing system.

Source: “Blockchain: Opening doors in the energy sector”, Renewable Energy