Alternative MethodsConventional Methods


October 15

How Will Blockchain Impact the Energy Sector

Core Spirit member since Aug 13, 2019
Reading time 3 min.

How Will Blockchain Impact the Energy Sector

Blockchain promises to accelerate transactions and slash costs by facilitating value transfer without the traditional involvement of an intermediary. Blockchain application has been, by far, most prominent in the financial services sector. In fact, many non-techies mistakenly assume the term blockchain is synonymous with cryptocurrency and more specifically, Bitcoin.

The energy industry has often been slow in recognizing and aligning itself with technology trends and blockchain has been no different. That’s perhaps partly due to the nature and legacy of the energy industry where government is often deeply involved. Government bureaucracy doesn’t ordinarily lend itself to innovation and dynamism.

Nevertheless, the power sector is gradually realizing that blockchain technology holds tremendous potential. It can revolutionize an industry that is increasingly interconnected yet more decentralized than ever; conditions that are ideal for blockchain use. Here’s a look at the ways blockchain will impact the energy sector.

Billing

At its most basic application in billing, blockchain cryptocurrencies can be used to make bill payments. Beyond that, smart-metering when combined with blockchains and smart contracts can offer a wide range of automated billing options for both power generators and consumers. Utilities could benefit from pay-as-you-go platforms, energy micro-payments and pre-paid meter payment solutions.

Sales and Marketing

Sales strategies and tactics could be customized to fit environmental concerns, consumers’ energy profiles and individual preferences. Blockchains in tandem with artificial intelligence techniques could extract insights that illuminate otherwise hidden energy consumption patterns and thereby enabling the provision of targeted, personalized and value-adding energy solutions.

Markets and Trading

Blockchain-driven distributed trading platforms will disrupt traditional market operations such as commodity trading transactions, wholesale market management and merchandise risk management. There are currently blockchain systems under development for green certificates trading. Errors in trading transactions can be accurately identified much quicker thus saving time that would otherwise be spent on blind troubleshooting.

Automation

Blockchains can enhance the automated control of micro grids and decentralized energy systems. Creation of local energy marketplaces founded on localized distributed energy trading platforms could increase energy self-production and self-consumption. On the downside, this could potentially negatively affect the revenues of large energy distributors and increase tariffs for consumers as regulators seek to shield large players from the shocks of falling revenues.

Internet of Things (IoT) and Big Data Management

Eventually, the IoT wave will sweep the energy industry. It’s already happening as smart meters, network monitoring equipment, advanced sensors and energy management systems rapidly proliferate the sector. The enormous data captured from these diverse sources has to be aggregated, analyzed and acted on. Blockchain technology could be used to facilitate the communication and coordination of IoT devices through data standardization, transmission and storage.

Grid Management, Integrity and Maintenance

Blockchains could optimize flexible resources and integrate energy infrastructure. It speeds up the identification of defects thus preventing losses occasioned by unscheduled downtimes. Data gathered from blockchain can be the basis of a model that predicts events, enables anticipatory planning, promotes worker safety and maintains asset integrity.

Data Security and Access Management

Blockchain’s cryptographic capabilities are ideal for the protection of physical and virtual assets. The technology could be deployed in the management of digital and physical access control. Blockchain can strengthen data confidentiality and consumer privacy. It can secure information from hacking and minimize the risk of fraudulent trades. Sharing Infrastructure

In a world moving from fossil fuel dependence to green energy sources such as solar and wind, blockchain can facilitate the sharing of energy resources between multiple users. Peer-to-peer energy trading systems can give residential consumers the ability to automatically sell their excess renewable electricity to neighbors. Blockchain helps build an accurate and reliable record of transactions underpinned by transparent information sharing.

Competition

Blockchain smart contracts could speed up and simplify the process of switching energy suppliers. Both residential and commercial consumers could, using a service such as EnergyBot rates, evaluate the service provider with the most attractive billing rate and even compare the average cost of electricity between states. Smoother mobility could intensify competition and push down energy tariffs.

Transparency

The transparent process and immutable records that result from adopting blockchain technology can improve the quality of auditing and the certainty of regulatory compliance. It eliminates guesswork from the process by guaranteeing the authenticity of a utility’s operational and financial information.

The effects of blockchain in the energy sector are already being felt. This revolutionary technology’s influence on energy generation, distribution, consumption and storage is only bound to grow.

Comments

Leave your questions here

To write a comment you must
or
Services
Category filter
Concern filter
Type filter
Sort
 
All categories
Oracle Cards Reading
$22 USD
Clarity Session

Hello from Eclectic Healing & Wellness. Thank you for this oppitunity to connect with you. This private clarity sessoon we will take a deep dive to discov…

Tyisha Morris
United States of America flag icon
Spiritual Healing
$270 USD
One-On-One Healing Session

I connect with your higher self/soul to channel the messages, blockages, guidance you need to hear for all life issues. From chronic pain, anxiety, depression,…

Dawn Cady
Australia flag icon
Wellness Coaching
$10 USD
Your Missing Manual for Health & Life!

Are you constantly reading books, blogs and listening to podcasts trying to figure out what to do to be healthy?

With so much conflicting information out ther…

Pamela Malo
United States of America flag icon
Positive Psychology
$10 USD
Initial Video Consult

Explore the fit and hear how I would address your therapeutic goal

Alex Guthrie, LMFT
United States of America flag icon
Spiritual Healing
$10 USD
HEALING / Life- Coaching Session

When you aren’t sure which way to turn or who to turn to for help in making decisions, I will help you come home to yourself and forge a plan to manifest your …

Dr. Michele S. Zirkle
United States of America flag icon
Life Coaching
$50 USD
Transformative Coaching Session

You will receive a private 1:1 transformative coaching session, focused on the area(s) in your life which you are most looking to improve, expand, and/or trans…

Tyisha Morris
United States of America flag icon
Tarot Reading
$10 USD
Tarot Reading - Checking in with the universe

“What does the universe want me to know?” is a common question. During uncertain times, it may be difficult to identify a single topic to focus upon. During th…

Jessica Karels
United States of America flag icon
Personal Development Coaching
$120 USD
Spiritual Life Coach Session-Personalized Session

Personalized Sessions

Because Everyone Is Unique

Sessions are based on the area of focus requested by the client.

Each session is a LIVE Session Goals will…

Deborah Lucero
United States of America flag icon
Chakra Balancing
$60 USD
Soul To Soul Reading Session

Energetic Reading

Complete Chakra System Reading to identify energy blocks. Techniques are provided to restore balance.

What Is An Energetic Reading?

Debo…

Deborah Lucero
United States of America flag icon
Channeling
$50 USD
Healing guidance session

You prepare your questions and I channel the root cause of the issue, as easy as that!

Every session looks different. We dive deep into the root and heal it f…

Nanna
5
Sweden flag icon
Spiritual Healing
$20 USD
Compassionate energy healing

For those times when we feel we need the energetic space to let our whole being restore itself. The healing is meant to give you a sense of safety and feel lik…

Nanna
Sweden flag icon
Distance Healing
$10 USD
Reiki and Energy Healing (Distant)

Reiki and energy healing is done by distance while a client is resting and the practitioner sends healing energy to the client. Clients have found that the en…

Beverly Lynn
Canada flag icon
Spiritual Healing
$80 USD
Soul Healing and Spiritual Advice

If you need a change in your life, if you are stuck and really want to move forward, if you see unwanted repeated patterns of life events or people’s behaviour…

Yavenirie - Spiritual Witchery Practice and…
United Kingdom of Great Britain and Northern Ireland flag icon
Spiritual Healing
$10 USD
Initial consultation for Spiritual Advice or Soul Healing Journey

You can book an initial spiritual consultation with me to touch base on your struggles and ways we can work together. The session will be online for around 15 …

Yavenirie - Spiritual Witchery Practice and…
United Kingdom of Great Britain and Northern Ireland flag icon
Shamanic Healing
$10 USD
Light the Path to Your Desired Life

If you want find what is that in life that makes you happy and fulfilled you need to heal all levels of your existence- Body, Mind, and Spirit. We are all ener…

Change Naturopathy
New Zealand flag icon
Emotional Freedom Technique
$10 USD
The Power Of Emotional Healing - EFT Program

“The Power of Emotional Healing” is energy psychology education in the Emotional Freedom Technique with the perfect balance of information, instructions, video…

Dawn Cady
Australia flag icon
Art Therapy
$50 USD
Artist Teacher Workshop Or Tutoring

“Life Force” guiding our history, our body and spirits. Self portrait art, life drawing from the live model, gesture, and plein air painting. And extended cont…

Bryan Prillwitz
United States of America flag icon
Tarot Reading
$100 USD
Timeline Reading

EGYPTIAN TAROT READINGS using unique methods developed by Nelise Carbonare, a Brazilian healer with more than 40 years of experience in tarot consultations, as…

Nelise Carbonare
United States of America flag icon
Tarot Reading
$120 USD
THE SYNERGY OF THE PYRAMID

THE SYNERGY OF THE PYRAMID focuses on a specific relationship: One side for the consultant and one for their partner. (the partner does not need to be present …

Nelise Carbonare
United States of America flag icon
Tarot Reading
$10 USD
Pick one card

Many questions can be answer with just one Arcane.

Do you want to try?

Nelise Carbonare
United States of America flag icon
Personal Development Coaching
$50 USD
Spiritual Coaching - Removing Energy Blocks - Expansion

> “Who looks outside dreams. Who looks inside awakens.” Jung

Spiritual coaching is about moving you into a profound state of empowerment and involution m…

Kimla Rose (Kim Desrosiers)
United States of America flag icon
Life Coaching
$10 USD
Life Purpose and Soul Wisdom

What is your deeper truth, your deeper knowing, your MOJO, your deepest desires, those feelings that you can’t explain but that are so pure and so clear…or may…

Anna Beale
United States of America flag icon
Nutritional Therapy
$150 USD
Nutritional Therapy Consultation

Hi my name is Aria and I am the founder of Heal with Nutrition. I am a registered Nutritional Therapist and a Naturopath who has a passion on Nutrition and Hea…

Aria Alexandrou
United Kingdom of Great Britain and Northern Ireland flag icon
Tarot Reading
$10 USD
THOTH AND HERMETIC DECKS READING

With a deep knowledge of hermeticism and being introduced to the kabbalah tradition of the emanation process from the tree of life, I provide a deep insight co…

James Marchiori
Ireland flag icon

Related Articles