Federal Association of the Energy and Water Industries swears industry on the Blockchain
The energy industry is changing: The traditional divide between power generators and electricity consumers is becoming more and more softened and presents a number of challenges to the industry. This is exactly where the hope of many industry participants is that Blockchain should come into play. Almost all major market participants are already experimenting with the technology, and the Federation of Energy and Water Industries is also trying to get its members to adopt the technology early on.
“It is becoming increasingly crucial to build in-house blockchain knowledge and to continuously develop it”, the industry association confirms in a recent paper . It enumerates possible benefits of the blockchain for the energy sector. In addition, there is an overview of current Blockchain projects from and for the industry. The details of current projects come from the Blockchain radar , which is regularly updated by the Federal Association of the Energy and Water Industries together with PricewaterhouseCoopers.
Energy industry: That’s how Blockchain should help
In the paper, the industry association has identified various applications that should benefit from the use of blockchain. An example of this is the use of ethereum-based smart contracts for billing in the case of charging stations for electric vehicles. In addition, the blockchain could be used in the certification of green electricity, the association said. As another useful application, the document called the electricity wholesale.
But also on various hurdles and risks, the industry association. For the time being, there is no legal framework that would allow the use of smart contracts. In addition, the authors address possible environmental problems that can arise from energy-intensive mining. Nevertheless, the industry association advises companies in the energy industry to build up blockchain knowledge in the companies in a timely manner in order not to miss the connection.