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There are many indications that blockchain technology will revolutionize another industry, and this is about energy. According to forecasts, the first products and services based on this solution will be available on the market in a few years.

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Blockchain in Energetics - another application

Blockchain in the energy sector may be applied primarily on the basis of settlements of transactions that are carried out on the supplier - recipient's line. The modern energy system is based largely on small, dispersed sources of production, which is why the new, blockchain method of settlements, having a dispersed character and lacking central supervisory units, has a good chance of success in this sector.

The energy industry is preparing to adopt blockchain technology

For several years, European energy companies have been working on the introduction of blockchain-based solutions in this sector, and Germany and Italy have even implemented the first trial solutions.

The pilot project of using the blockchain was also carried out by a Dutch company TenneTand Norwegian Statkraft carried out an innovative symbolic sale of a megawatt hour.

Blockchain in the energy sector is almost certain, and the implementation of this technology is planned by other companies, including the German concern Innogy. In its case it is to be used in settlements for charging electric cars, which will be carried out using special software using cryptocurrency.

Also check: SunContract - an energy trading platform based on blockchain technology.

Blockchain as a standard in power engineering in two years?

Although the first attempts have already been made, blockchain in the energy sector needs at least a few years to see wider application. Some representatives of the energy industry even indicate that it will be in two years.

According to the management of the Belgian energy system operator, the company Elia, blockchain propagation in this sector is possible in such a short time, because work on this solution is currently at an advanced level. In the case of Elia, the block chains are to be used in payment systems that will contribute to balancing derived from renewable energy sources through the use of solutions such as energy storage or heat pumps.

Blockchain in the power industry it can contribute to optimizing the operations carried out, and thus - to reduce the investment costs in network development.

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