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Digitization in the energy sector: Blockchain

Digitization in the energy sector is the way forward in the coming years. Every time we see more new digital technologies applied to this sector such as Big Data, IA, Blockchain … etc.

In this post today we are going to focus on the Blockchain, which is one of the most promising technological trends in the world. This technology allows transactions to be carried out digitally and instantaneously, with greater transparency and reducing costs. Therefore, that is where we benefit the final consumers. The Spanish energy sector is also betting on the Blockchain to reduce the costs of its operations, which could affect the price we pay on our gas or electricity bill.

What advantages does the Blockchain have?

LOWER COSTS

The Blockchain seeks to have fewer intermediaries in transactions and agreements so that in one operation only the participation of the two parties is necessary. The existence of fewer intermediaries may make the operation cheaper, so as the various sectors opt for the Blockchain, the services and products offered may become cheaper and cheaper.

TRANSPARENCY

Any operation made through Blockchain leaves a trace that can be fully identifiable and verifiable. This traceability of operations increases the transparency of them. Resorting to this technology, either of the two parties involved in the agreement will have full access to the record of what has been done, making it much easier to do checks.

SMART CONTRACTS

Smart contracts aim to bring the agreement to an ‘online’ network and establish conditions that are easily executable.

What do we do in Bettergy?

At Bettergy, we are in favor of digitization in the energy sector, and even more so in the electric power sector. And in this digitalization race, we have developed our flagship product, EnergySequence, the platform that offers the solution to the electricity of the future, the web platform for the efficient management of energy. We scale energy efficiency: We evaluate opportunities with simplified energy models to achieve more savings in less time and with lower cost.

Source: El Confidencial

This post is also available in: Spanish