The Benefits of Blockchain in Utilities
While blockchain’s powerful capability was initially developed for cryptocurrencies, today it caters to much more applications in the real world. Blockchain is basically offering more convenient, safer, and faster methods for companies who are willing to explore the possibilities. Its shared digital ledger comprised of anything valuable and duplicated to a multitude of copies in hundreds of computers around the globe gives users a much more reliable source of information that cannot be single-handedly falsified by any one entity. The technology also does not need the services of a middleman to aid in the transactions. Any two parties can transact directly with the help of blockchain.
As this kind of capability has been explored and integrated into different sectors of the industry, incorporating blockchain in the utility sector also shows great potential. If blockchain will be the future of utility companies worldwide, money transactions will become much faster and the generation and distribution of utilities like power and water can be easily accomplished in real time.
Even energy trading and selling are done conveniently with a blockchain network. Buy and sell transactions of solar panels and other renewable energy products can do away with platforms to reach millions of people. Sellers can simply upload their products in the network and let buyers contact them directly.
In addition, tedious tasks such as supplier switching, which can take longer days with the traditional method, can now be achieved within hours with the powerful coordination and data transfer blockchain provides. Aside from that, blockchain’s application in the utility sector can range from asset tracking and grid management to meter reading registrations.
The potential of blockchain has not been realized fully, but with the fast-paced rise in technology, the industry will surely consider adopting this secured and highly cost-effective method into their day-to-day operations.
Blockchain in Utilities in Middle East, Blockchain in Utilities in Asia, Blockchain in Utilities in Africa, Blockchain in Utilities in America, Blockchain in Utilities in Europe
