Blockchain technology could create a paradigm shift in the power industry, helping companies move away from traditional business models with complex operating structures.
That’s the opinion from GlobalData, whose analysts argue blockchain has the potential to address the key challenges facing electric utilities: high operating costs, aging grids, security, regulatory compliance and personalised customer service.
Archi Dasgupta, Disruptive Tech Analyst at GlobalData, said, “Blockchain could be the leading enabler of decentralisation, democratisation, and liberalisation in the power industry. Using smart contracts, the technology can empower bilateral settlements in real-time by eliminating midpoint delays steering to a significant reduction in the operational costs of utilities.”
Dasgupta said although blockchain technology started scaling, use cases are still largely dominated by proof-of-concept projects and small-scale production deployments.
“Mass-scale commercial adoption is still three to five years away as there are several challenges to be addressed including deployment costs, the requirement of power to run the setup, and more importantly, the need to develop common standards and regulations,” Dasgupta said.
“Electric utilities are similar to banks in the way they are centralised and highly regulated, hence it is crucial to creating an ideal set up for the implementation of transformative technologies such as blockchain.”
An analysis of GlobalData’s Disruptor Tech Database reveals interesting real-world use cases of blockchain in the power domain and select startups and electricity companies working on them.
That’s the opinion from GlobalData, whose analysts […]
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