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:
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.”