How can the energy sector improve its security through blockchain

The introduction of Bitcoin in 2009 has revolutionized the technology world due to the blockchain and its capability to change the payment system we have today. As the time goes by, many sectors are seeing blockchain as a great tool of the future that can be used in different industries, such as the energy industry. In the energy sector, applying blockchain technology will mean better security, peer-to-peer energy trading, network balancing, and micro-transaction management.

What is Blockchain?

A blockchain is a decentralized, secure, transparent network for storing and transmitting digital information. It has ability to execute smart contracts and fast transactions. Blockchain is a leading software platform for digital assets and it eliminates third parties such as governments or banks through the transactions. It is considered as the biggest player in peer-to-peer transactions, and as the basis for the cryptocurrencies to be able to expand without need of a third party.

Blockchain in the energy sector

Nowadays, energy and utility companies all over the world are looking for a ways to implement blockchain into their operations. This will mean a new era for the energy sector.

So, how can the blockchain technology be used in the energy sector?

First of all, blockchain has potential to overcome the barriers that limit the delivery of electricity to more customers. Blockchain technology can create a huge and transparent place for transactions in the energy sector, so that the electricity will be more accessible to more customers all over the world.

Second, blockchain technology can improve the security in the energy sector, due to its unique way of recording and processing data. The world’s demand for energy is growing each day, and the companies need to ensure that their operations are as secure and efficient as possible. Blockchain can save them time and money in the process and will change the way they produce and consume electricity. Smart contracts create practical, fast and safe transactions directly from buyer to seller, removing third parties. They will signal to the system when to initiate what transactions.

Decentralized storage of transaction data increases security and creates independence from central authorities. Blockchain can provide a more efficient system for evaluating energy sources and determining how that affects to the prices for the consumers. Better technology leads to better services and better results for the consumers.

“Blockchain technology will help facilitate this process by allowing transactions to be recorded between two parties efficiently and in a verifiable and permanent way. It can also be programmed to trigger transactions automatically. The technology promises to radically speed up transactions and cut costs by establishing trust and the transfer of value without the involvement of traditional intermediaries.” — Thierry Mortier, Global Leader of Technology and Innovation for Power and Utilities at Ernst & Young (EY).

Check out: “Blockchain in the energy market — what are the experts saying?”

Blockchain technology has different use cases in the energy sector: it can help to make payments via cryptocurrencies, digitize contracts, verify transactions, execute trades, manage digital content, create decentralized business models, apply smart contracts and devices, etc.

The main goal of implementing blockchain in the energy sector is to develop a secure, decentralized energy transaction and supply system.

Cryptocurrencies are part of the blockchain technology. By implementing blockchain into the energy sector, cryptocurrencies will become the only currencies with which the energy transactions are performed.

When the electricity market become decentralized and improved with blockchain, it will be easier for the consumers to trade electricity due to the peer-to-peer transactions. This will create a huge potential for the electricity suppliers and consumers in the energy market. The electricity trading based on blockchain will bring many benefits such as transparency, safety, and low transaction costs in short time.

As a conclusion, I would recommend you to join the Energy Premier platform. It is an advanced blockchain-based electricity trading platform that allows users to trade electricity in a faster, safer and cheaper way, by utilizing the EPC token smart contract.

Energy Premier gives the power over energy back to the people through blockchain and decentralization. The platform enables direct access to the retail energy market to suppliers by eliminating multiple intermediaries and taking out distance as a limiting factor to trade, which then results in lower prices for the consumers.

The Energy Premier pre-sale has already started and will end on May 15th. The whitelisting process usually takes two business days and you can sign up at https://tokensale.energypremier.com/.

Check out and join the global energy community now!