The power and utilities sector has yet to fully embrace the transformative possibilities of blockchain. Find out how energy providers and consumers alike could benefit from the blockchain revolution.
As an ex-CIO in the power and utilities sector, the rise of new technologies is always of interest – especially when they have the potential to reshape the future. What has my attention now? Blockchain. This technology – in its simplest form, a public ledger that records transactions – promises to radically speed up transactions and cut costs by facilitating a trusted transfer of value without the involvement of traditional intermediaries. Already widely used in the financial services sector, a growing number of industries are experimenting with the technology.
Unlike in banking, however, the power sector has been slow to recognize blockchain’s potential and awareness across the industry is lacking. Now, a growing number of enthusiasts believe blockchain can significantly revolutionize a sector that is becoming increasingly decentralized and connected.