Blockchain has tremendous potential to enhance efficiency and effectiveness, creating value for the energy industry.
FREMONT, CA: Energy firms today face several challenges in their ongoing journey that can be addressed through the implementation of groundbreaking technologies. The outcome of this is a tech-first business space. Given that, the energy industry has proven itself as a fertile ground for blockchain technology too. Capturing the full benefits of blockchain could help energy firms thrive in the global market. Here is how energy firms are making use of blockchain technology to make
• Energy Trading Made Easier
One major use of blockchain technology in the energy industry is to deliver a reliable and efficient platform for performing and recording transactions. Energy trading can be recorded and settled almost instantly with blockchain, and there is no requirement for an intermediary or no need for reconciliation. Blockchain’s potential to perform as a reliable trading platform can be applied to both physical and digital trading across energy assets.
• Data Cleansing Made Transparent
Unlike in the past, regulators today are demanding energy companies to provide massive data that can be analyzed to identify noncompliance and other regulatory violations. Collecting and cleaning up this vast data is a laborious task. Blockchain could potentially ease this challenge by providing transparency and enabling regulators to securely access, clean, and fool-proof data while allowing energy firms to access it whenever they want.
• Data Sharing on a Common Platform
The entire process of producing energy and then distributing it to customers involves multiple steps and stakeholders. This chain includes energy firms to government authorities to individual service providers. This will make it hard to get a comprehensive view of the system and information. The blockchain platform can aid the entire end-to-end process to make it comprehensive. It provides real-time speed, efficiency, reliability, and transparency to enable energy to share data on a common platform securely.