I am delighted to present BTL’s first White Paper which focuses on blockchain technology’s application to the energy space. Over the past few months, BTL has been undertaking a European wide energy focused blockchain technology pilot.
The pilot commenced on the Alpha version of Interbit, our enterprise focused blockchain platform, with some of the largest energy companies in the world. During this process we have learned a great deal about how blockchain technology could benefit the energy sector by significantly increasing efficiencies and reducing costs.
Below is a link to the White Paper:
After publicly debuting in the financial domain, blockchain technology is garnering incredible attention for its applicability across sectors, showing particular fit as a foundational technology in the energy sector.
Energy companies face mounting challenges. The ever increasing IT expenditure due to the rise in connected devices and due to the complexity of the energy lifecycle, a mounting threat from cyberattacks.
Connected devices and the Internet of Things are already improving the way energy companies can track and monitor energy flows. The decentralised nature of blockchain technology reduces the capital expenditure required to help embrace this expansion of connected sensors.
Blockchain technology’s attributes of distributed, shared, validated and immutable record-keeping provides defence against cyber threats, as well as vast improvement of data transition and reconciliation within the energy lifecycle, thus leading to significant efficiencies and cost savings.
More and more companies are recognising that they will be at a competitive disadvantage if they do not adopt blockchain technology.