The us Senate believes that the blockchain will change the energy sector
In the recent Senate hearing, legislators discussed the possible options of using the technology of the distributed registry in the energy sector. The members of the Committee on energy and natural resources drew attention to the increase in electricity prices caused by growing demand for applications of the blockchain. More importantly, a question was raised about how the blockchain can improve the computing system.
Arvind Narayanan, an associate Professor of computer science at Princeton University, explained:
“Based on the blockchain market can be more attractive than the centralized marketplace, if market participants do not wish to accept the only company that controls the platform. Other initiatives allow consumers to directly trade with each other by electricity, for example, buying and selling a surplus of solar energy.”.
According to Narayanan, the blockchain technology reduces risks in energy systems.
Earlier media reported that a major Austrian electricity company Wien Energie is testing different scenarios of using the technology of the distributed registry. But this is not the only project associated with bloccano in the energy sector. A similar announcement was made by the National Commission for energy in Chile. This Agency regulates the country’s energy sector. It has recently decided to launch a pilot project on the Ethereum blockchain. The purpose of the project is to increase the level of protection of power systems.
Other governments are also working with blockchain technology.The technology of distributed registry could improve the quality of services, processes, and to reduce bureaucracy. Financial institutions consider the technology of distributed registry as a means of improving the effectiveness of its services and products.