Business - 07/July/2021

Traditional rules do not apply in this experiment

Five years ago, technologists excitedly started suggesting how to use blockchain for energy applications and a raft of start-ups followed, sporting distributed ledgers for the power sector. Today, the word "blockchain" is seldom heard in energy circles. While the hype may have been overblown, work continues instead on a quieter revolution to the one that was promised

Adapting distributed ledger technology to be better suited to the energy sector's needs could see it still play a role in the energy transition

BITCOIN BUST Excitement over cryptocurrency misled the sector to invest in the technology before it had developed sufficiently

LEDGER TECHNOLOGY Other distributed ledger technology networks, similar to blockchain, are being developed that could be better suited to the energy sector's needs

KEY QUOTE Five years ago, everyone assumed that blockchain was the answer, but I don’t think they knew what the question was ...

 

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