Blockchain in Energy: Overcoming Industry Challenges
The energy sector is on the brink of change. As it struggles to adapt to the increasing demand for renewables, blockchain in energy and utilities is enabling a more flexible approach to managing supply and demand — from peer-to-peer energy trading, to demand-based pricing.
Ensuring Regulatory Compliance With Blockchain Technology
Energy & utilities providers are required to provide vast amounts of data to regulators and government bodies to ensure compliance. But sourcing, analysing and delivering this data is incredibly resource intensive. With blockchain technology, the energy sector is benefiting from immutable data, increased traceability throughout the supply chain and the ability to seamlessly and securely share data with regulators (or other stakeholders). All of which are helping to ensure regulatory compliance and streamline the regulatory reporting process
Improving Profitability With Blockchain
Blockchain technology in the energy sector is allowing energy & utilities providers to significantly reduce costs and improve profitability. Operational efficiencies through automatic execution of transactions and settlements, the elimination of intermediaries and the secure sharing of immutable data between stakeholders, are all delivering real cost savings for energy and utilities companies direct to their bottom line.