THE FUTURE OF BLOCKCHAIN IN THE ENERGY SECTOR

The blockchain is a transformative technology in which digital transactions are stored within a distributed, decentralized ledger. In practice, this means that there’s no need for a centralized middleman or gatekeeper in order to govern a system of transactions within a network.

Blockchain first rose to prominence with Bitcoin, the cryptocurrency which attempts to compete with traditional currencies as a store of value and a means of sales and purchases. Over the years since Bitcoin was debuted, other cryptocurrencies and related blockchain-based solutions have been proposed and implemented.

While most know blockchain technology as the enabler for cryptocurrencies, the potential scope of blockchain stretches far beyond cryptocurrency, with the possibility of impacting or even transforming whole industries.

BLOCKCHAIN AND THE ENERGY SECTOR

One industry particularly ripe for blockchain implementation is the energy sector. Recently, the nation of France has taken coordinated steps to explore and develop blockchain technology as it relates to applications in energy. In late 2018, members of the French parliament submitted a report asking for a 500 million Euro investment in blockchain technology over the next three years with the aim of positioning France as a blockchain leader in the European Union.

Of particular interest are blockchain solutions in the field of energy. There are currently two main areas in which blockchain experts believe that the technology is poised to make immediate impact: Peer-to-peer energy trading and charging electricity-based vehicles.

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