In the recent technological advancements, an internal PwC survey suggests that blockchain is going to be an influential digital disruption in the next five years in the energy sector. The blockchain technology is a type of a distributed, replicated and shared ledger used to manage and record transactions across multiple participants with some innovative features. With blockchain solutions, a centralized database becomes obsolete, and all participants in the network contain a copy of the database.
Applications of Blockchain in Energy
The potential of blockchain technology in the energy sector comes in twofold. In the short term, blockchain solutions can enable companies to streamline processes. While in the long run, they can have a disruptive impact on the whole market infrastructure. Particularly, Blockchain can simplify transactions for the wholesale power markets that are largely impacted through the renewable power generation.
Benefits of Using Blockchain in Energy
Blockchain is gaining significant traction and now being actively used in the energy sector. Blockchain offers four key features that we can apply to different use cases in the energy sector.