FinTechAutomationBlockchain ‘offers major efficiencies to energy sector’

Blockchain ‘offers major efficiencies to energy sector’

After publicly debuting in the financial domain, blockchain technology is garnering incredible attention for its applicability across sectors and shows a particular fit as a foundational technology in the energy sector, according to BTL.

The Canada and UK-based company, an enterprise technology platform provider and developer of the proprietary private blockchain Interbit, has issued a white paper focusing on blockchain technology’s application to the energy space. Over recent months, BTL has conducted a Europe-wide energy-focused blockchain technology pilot.

The pilot was undertaken on the Alpha version of BTL’s Interbit platform, with several of the world’s largest energy companies. During this process, the company reports that it learnt “a huge amount about how blockchain technology could benefit the energy sector by significantly increasing efficiencies and reducing costs.”

Among the findings of the white paper:

  • Energy companies face mounting challenges, with steadily increasing IT expenditure due to the rise in connected devices and the complexity of the energy lifecycle having led to mounting threats of cyberattack.
  • Connected devices and the Internet of Things (IoT) are already improving the way that energy companies can track and monitor energy flows. The decentralised nature of blockchain technology reduces the capital expenditure (capex) required to help embrace this expansion of connected sectors.
  • Blockchain technology’s attributes of distributed, shared, validated and immutable record keeping provides defence against cyber threats, as well as vast improvement of data transition and reconciliation within the energy lifecycle, thus leading to significant efficiencies and cost savings.
  • A growing number of companies are recognising that they will be at a competitive disadvantage if they fail to adopt blockchain.

According to the white paper, energy companies already running blockchain pilot projects “are taking first steps toward a restructuring of information management that will reform back office processes, supply chain management, and security practices.”

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