The (electrical) power of blockchain

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28 Jul 2023

As a person, that professionally is connected with the market of energy transition market and in a general branch of the Energy industry, and personally very keen on cryptocurrencies and blockchain technology I’d like to mention a quite interesting, pretty well-developing trend.
Experts (worldwide experts, not only American) believe that during the following decade, digitalization will revolutionize and improve Energy Sector in the field of production, distribution, storage, and utility of energy.
Blockchain technology is supposed to be used at a very wide scope, considering operational costs reduction, security of transactions, and autonomisation there are some attempts of using blockchain in the Energy wholesale market.
However, it is predicted that in the nearest future, a PEER-TO-PEER Energy market between individual receivers will develop rapidly which will cause decentralization, and reduce costs of production and distribution of electrical energy.
Its smart contracts can also be used to programmatically regulate interactions between network users. This indicates the degree of security that the innovation of Blockchain for energy companies may help attain.
The usage of Blockchain in the energy sector can accelerate the implementation of smart grids and meters to enable more effective energy use. What's more, the system can support direct grid connectivity for end users.
Another advantage of using blockchain is its transparency. Although the technology is very private, the blockchain network delivers unparalleled transparency in the case of its accurate record of transactions. All website transactions are irrevocable, meaning that they cannot be altered, modified, or deleted after the network has authenticated the data.
It also provides data protection, as blockchain in the energy market uses incredibly secure blocks. Each block contains a copy of the document that is linked to and preserved chronologically in all earlier blocks.
Many serious blockchain companies are very keen on the global and local Energy Market, for example, a well-known to most of us Polka DOT, there is quite an interesting debate attached below:

There are several other blockchain-based blockchain-based projects focused on the same topic, such as:

Power Ledger (POWR) is a blockchain-based platform released in May 2016 to disrupt the global energy industry by enabling local areas to sell and distribute solar power to their neighbors without the help of middlemen. It is a technology company that uses blockchain to facilitate energy and environmental commodity trading.

Energy Web Token (EWT) is the native token of the Energy Web Chain, a public, Proof-of-Authority Ethereum Virtual Machine blockchain specifically designed to support enterprise-grade applications in the energy sector. Energy Web focuses on building core infrastructure and shared technology, speeding the adoption of commercial solutions, and fostering a community of practice.
EFFORCE (WOZX) is the native cryptocurrency token of the energy efficiency platform Efforce. Launched in December 2020, the project and token are the brainchild of Steve Wozniak, co-founder of computing giant Apple. The principal aim of Efforce is to democratize the energy efficiency industry, which to this day suffers from teething problems with financing and global outreach.

However, with blockchain technology coming into the energy sector, there appear a bunch of obstacles. Considering security, speed, and scalability, it demands long-term value and investment.
Unless the industrialists are convinced that blockchain is the true key solution to all their security problems and will leave no place for error, it will not be able to gain complete acceptance, and of course, trust in blockchain technologies is a must, when it comes to all legacy and administration rules accommodation.
Well, in the end, I’d like to admit that using blockchain technologies in that kind of industry seems to be quite sensible.
I hope you enjoyed this post, see you next time!
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