Global Markets

Blockchain tech holds potential for energy sector

Using a ‘distributed ledger’ could help the energy sector increase efficiency, deal with clients and track every part of the production chain Using a ‘distributed ledger’ could help the energy sector increase efficiency, deal with clients and track every part of the production chain.
By Silvia Favasuli 7 April 2017 0 25404
The use of blockchain technology could enable neighbours to trade electricity from solar panels. (PA)

The energy sector started using ‘blockchains’ – the process used to encrypt virtual currencies such as bitcoin – in 2014, and since then it has made great strides with the technology. However, governments and big companies are still way behind. Ruben Baetens, a consultant at 3E – a company advising governments on how to deal with the change – explains potential of blockchains for the industry.

Interfax Natural Gas Daily: How does blockchain technology work?

Ruben Baetens: A blockchain is usually defined as being like a ledger, where...