Blockchain in the Energy Sector

Blockchain in the Energy Sector

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Dennis Baranov

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DataArt

Few of  the emerging technologies have captivated as much attention as blockchain.  The technology behind the cryptocurrency of Bitcoin has rediscovered itself  as a new disruptive force that is supposed to “do for transactions what the  Internet did for communications.” As the blockchain ecosystem grows with each  passing month, new and exciting uses are starting to be developed.

Inhalte

Few of  the emerging technologies have captivated as much attention as blockchain.  The technology behind the cryptocurrency of Bitcoin has rediscovered itself  as a new disruptive force that is supposed to “do for transactions what the  Internet did for communications.” As the blockchain ecosystem grows with each  passing month, new and exciting uses are starting to be developed. The energy  sector is preparing to adopt the technology as well.    Blockchain technology shows a lot of promise and has  the potential to provide the solution for the different challenges in the  energy sector:  • The technology can reduce and even eliminate barriers to entry for  independent energy suppliers.  • Based on blockchain nature and strengths, the  new marketplaces will provide open and transparent environment for all market  participants.  • Blockchain creates trust between end customers and energy providers.  • Blockchain makes the process transparent and reduces costs and losses.    However, regulatory matters are likely to be problematic for any industry  when introducing blockchain processes. The current laws are not suitable for  a move into a distributed world. Another problem is absence of a central  authority to resolve disputes and lack of long-term experience with  blockchain. Most current applications are prototypes or productions at early  development stages.    Our experience of implementing blockchain projects has taught us about the  importance of a thorough business focus. It is important to understand that  no one technology is a universal panacea for all woes. It requires a careful  analysis in each individual case to establish a path to successful adoption.  As with many promising new technologies, the right partnerships and proper  implementation are key.

Dennis Baranov

Denis  Baranov is a Principal Consultant at DataArt. He has over ten years'  experience in the IT industry, as a developer, technical architect, solution  architect and IT leader. He specialises in designing and building business  solutions in financial services, capital markets, and fintech. Denis joined  DataArt in 2008 and worked in offices in Russia and Eastern Europe. Denis is  passionate about technology innovation, and is currently focused on leading  the development of market solutions underpinned by distributed ledger  technologies such as Blockchain, and AI technologies such as machine  learning. He participates in projects and communities both inside and outside  DataArt, and is a regular speaker and contributor of various communities and  conferences. Denis holds a PhD in computer science from Lomonosov Moscow  State University, and has an MS in Applied Mathematics, Informatics &  Mechanics.