How Blockchain transforms energy Industry

Blockchain is now one of the technology that is going transform energy sector totally. How we can see blockchain as a Boon or Bane?

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Rebuild the entire petroleum supply chain on a global, semi-private blockchain. Ultimately tie that together with a network of smart sensors in everything from pipelines, to storage facilities, to tankers. It will be a system that will settle transactions in real-time, allow for more efficient risk management, drastically lower back-office costs and errors, and allow for increased competition in everything from trade finance to tanker rates, along with a myriad of additional benefits.  

In the developing world, such a system will directly combat petroleum theft as it reduces the economic value of stolen oil and gas and made companies more accountable. Additionally, it will allow countries to break the resource curse as it will provide an efficient way of returning a portion of profits directly to the people, if a government so chooses. 

This system will transform an industry built for a paper world, and put the oil and gas sector at the forefront of technological advancement. 

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This is already taking hold all over the place. Just this week: 

* China's State Grid Corp (the utility monopoly) said it was going to use blockchain for the "internet of energy". They're exploring a blockchain-powered system that can store and track info on consumer power consumption and share it in a decentralized way. 

* Chile just announced its first blockchain project by the Chilean National Energy Commission, which is going to put all its energy data on an ethereum block. 

And i'm sure there's a lot more out there recently. 

 

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There are a several projects out there. The revolutionary capability will require someone to ask and answer the "big question", namely "what does would it look like if the entire petroleum industry was hosted on the blockchain?" The answer to that question is going to require the development of a global, utility scale, blockchain for the needs of the petroleum industry. Specifically, it needs sub-second latency, low transaction costs for smartcontracts, no transaction costs for data aggregation and collection. It must be private and permissioned and it can't be developed in conjunction with a state or one of the majors. Finally, and not least importantly, it must scale to millions of users, allow for easy upgrades and bug recovery, and have a system by which account keys are recoverable or able to be changed. It must meet all of these requirements, without fail. This sort of system is exactly what I may or may not have been working on for the last 6 months.  

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