How will Blockchain Benefit the Energy Indust...

How will Blockchain Benefit the Energy Industry

Author Name : Rajeev Kumar Sinha

ABSTRACT

Blockchains or distributed ledgers are an emerging technology that has drawn considerable interest from energy supply firms, startups, technology developers, financial institutions, national governments and the academic community. Numerous sources coming from these backgrounds identify blockchains as having the potential to bring significant benefits and innovation. Blockchains promise transparent, tamper-proof, and secure systems that can enable novel business solutions, especially when combined with smart contracts. This work provides a comprehensive overview of fundamental principles that underpin blockchain technologies, such as system architectures and distributed consensus algorithms. Since Blockchain technology has repeatedly proven its importance in various fields, now the advantages of technology have become obvious in large energy companies. Many developed countries are massively starting to introduce Blockchain technology into the energy industry. While it is mainly pilot projects or just technology testing but already now Blockchain can qualify for creating new energy markets. The energy sector is currently at the stage of transition from a centralized system to a decentralized one in which complete autonomy will be achieved through the production and storage of energy.