Blockchain for digital utilities has been saved
Blockchain for digital utilities
Explore use cases and perspectives
Blockchain is outgrowing its adolescent cryptocurrency identity of distributed consensus ledgers to become smart contracts facilitators. Beyond creating efficiencies by removing the legal and financial intermediary in a contractual agreement, blockchain assumes the role of trusted gatekeeper and transparency purveyor. In the emerging "trust economy" in which a company's assets and reputation are becoming both increasingly valuable and vulnerable, the following use cases illustrate blockchain's potential to empower and protect.
- Energy wholesale and settlement through blockchain
- Blockchain: A true disruptor for the energy industry
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Energy wholesale and settlement through blockchain
Transacting in energy commodities using blockchain technology for functional applications such as payments and smart contracts.
Blockchain helps in the removal or reduction of frictional costs (e.g. broker fees) that make existing transactions slower and more expensive. It also facilitates regulatory reporting requirements (i.e. EMIR, MiFID II); reduces risk of fraud, error, and invalid transactions; and increases efficiency by standardizing data formats across multiple organizations enabling inter‑operability and ensures process integrity.
A blockchain platform can also significantly drive down costs associated with energy trading by increasing speed of exchange, which minimizes transacting backlog and overall costs. It also improves availability and reliability of data and the auditability as records are verified in near real‑time, and can be used to convey title of physical commodity seamlessly between market participants.
Blockchain: A true disruptor for the energy industry
In its ongoing journey to power the world, the energy industry has faced many structural challenges that have been addressed through the effective deployment of innovative and groundbreaking technologies. The resulting industry landscape is technology-rich and highly streamlined, yet is faced with a complex and costly transactional ecosystem that may prove itself as fertile ground for the introduction of distributed ledger technology.
With many emerging digital innovations such as the Internet of Things (IoT), automation, artificial intelligence, cloud platforms, big data, and advanced analytics, executives must decide how to adopt these digital capabilities—with blockchain likely serving as the underlying backbone of the industry's transactional infrastructure.
Learn more about the benefits and applications of blockchain in this full report.