The blockchain is at an early stage in the innovation process. Still, the energy industry is quite advanced compared to other industrial sectors as it sees considerable potential benefit from the blockchain, not only for the increased efficiency of existing processes but to support and accelerate the transformation of the energy towards more decentralized business models.
With the blockchain we experience a paradigm shift predicting an interesting reduction in the execution time of transactions, increasing operational efficiency by eliminating processes that need the human factor.
The implementation of the blockchain incorporates a greater coverage of agility, transparency and automation.
Today, the energy sector has already started to implement these models. Large corporations such as BP, have created a digital platform on Blockchain, with the aim of simplifying the management of the entire transaction chain of raw materials and petroleum products.
Peer-to-peer technology enables large volumes of transactions to be managed, which are processed quickly, safely and at a relatively low cost.
Although many possible uses have been suggested, the true potential of blockchain advancement comes from myriad ways and it can help companies to make a profit.
The facilitator of a cross cutting ecosystem of information, shared by a number of different but interconnected parties. A critical element to the value of the blockchain is the ability to reduce the times of multilateral transactions to almost zero. Thus, it dramatically reduces the overhead costs of using intermediaries, such as clearing houses, allowing companies to be more efficient and profitable.
Finally, the blockchain can greatly improve trust in transactions between companies and people in the digital world, which in turn can reduce associated bureaucracies.
Blockchain-enabled systems provide companies with a tool to manage transactions, maintain their economic benefits, privacy and security, and reduce…