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How Blockchain Could Upend Power Markets
How Blockchain Could Upend Power Markets
May 8, 2017
by Denise Stokes; Copyright 2016 by Competitive Assets, LLC. All rights reserved
Blockchain, a software platform for digital assets, has the potential of revolutionizing electricity markets. As EDF’s Energy Exchange explains, “[b]lockchain, in short, is a secure, decentralized, and highly efficient way to manage and keep track of infinite transactions. Rather than being stored on a central server, peer-to-peer transactions are replicated across a number of computers, creating a data store that records exchanges in almost real time. To ensure the transactions are secure, authenticity and identity are maintained through cryptography and digital signatures.” Bitcoin is a well-known example of the use of this technology. The rise of decentralized energy resources, including distributed generation and microgrids, may find this technology a good way to quickly, reliably, and cheaply record and validate financial and operational transactions, including the buying and selling of electricity, without any intermediary. As the evolving decentralized energy system gives people more choice, blockchain is attracting attention in Europe. The article goes on to give examples of its use in energy markets, and to explain that there are those who believe it will become a key asset for utilities.
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