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Will Blockchain Become the New Operational Backbone in Energy?

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As digital innovations such as artificial intelligence, cloud computing, automation, and the Internet of Things (IoT) become more readily usable, energy companies are developing strategies that incorporate these burgeoning systems into their operational infrastructure. Distributed ledger technology—otherwise known as blockchain—may be the backbone of this new infrastructure.

Already well-known in the financial sector, blockchain is a peer-to-peer (P2P) network technology that uses advanced computer science techniques to enable trustworthy interactions between parties, even if those parties do not trust each other. It is a shared electronic ledger in which access can be managed by multiple sources, including anonymous ones. Proponents say blockchain is reliable and likely to change the way in which energy companies perform transactions.

Operators are already working with various blockchain platforms, but the developers of these platforms are still forging a path that they hope will lead to widespread adoption within the industry.

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Will Blockchain Become the New Operational Backbone in Energy?

Stephen Whitfield, Senior Staff Writer

01 May 2018

Volume: 70 | Issue: 5

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