In less than 10 years, Blockchain has emerged from a small presence (Bitcoin) to one of the most talked about technological innovations. In the Financial Services industry, many companies using Blockchain have seen increased security, reduced cost, decreased transaction time, and increased transparency all while eliminating the need for a trusted third party. As the technology matures and the benefits are being realized, this technology is poised for rapid entry into the Energy industry.
While most applications in the energy sector are still at concept or pilot stage, the disruptive potential of a decentralized transaction and supply system coupled with automation from smart contracts is becoming apparent to industry leaders.
Like any other disruptive technology, it will take participation and pioneering by major players to get the momentum going. In order to get there, energy leaders will need to continue researching and piloting to get to the extensive cost savings and efficiency offered by blockchain.
This system of tracking is especially useful when ensuring efficient use of processing equipment and facilities. For instance, we can use smart contracts to automate sourcing of commodity from intra company assets to keep a gas processing plant running at capacity.