Bitcoin Technology Could Enable New Energy
Blockchain Brings Efficiencies to the Energy Industry; The technology that powered the cryptocurrency bitcoin is expanding outside finance, with applications in the power sector, supply chain, and agriculture
December 13, 2016 (Lux Research)
“Blockchain first came to prominence [as an impregnable distributed security technology] for the cryptocurrency bitcoin, but the idea is spreading to industries beyond finance – and the energy industry is an early leader…[T]he electrical power industry is showing how it can be creatively used [in] managing wholesale transactions, peer-to-peer networks, and renewable credits…[Smart contract functionality] allows users to program contractual terms directly into the blockchain, which can automatically execute contracts…[but smart contracts have ended up looking stupid when] not written carefully…Peer-to-peer energy trading networks worldwide are [already] building on blockchain for its settlement capabilities, while new blockchain-based systems for registering and trading renewable energy credits are beginning to emerge…” click here for more
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