Blockchain in Energy and Utilities: Definitions, Use Cases, Standards, and Frameworks

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Blockchain in Energy and Utilities: Definitions, Use Cases, Standards, and Frameworks

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Posted January 7, 2020 in Business Agility & Software Engineering Excellence, Business Technology & Digital Transformation Strategies, Data Analytics & Digital Technologies Cutter Business Technology Journal


utility

Claudio Lima explains how blockchain technology can be used to digitize and foster growth in the energy sector. DLT has the potential to optimize energy management processes and to deal with the growing complexity in the decentralized energy system. Lima introduces the IEEE P2418.5 Standard for Blockchain in Energy, which creates an industry framework that will help with interoperability among different blockchain use cases and technologies. A DLT layer complements existing smart grid architectures, improves grid security and efficiency, and reduces the costs of utility operation.