The best use-cases for blockchain are in business processes that involve multiple parties, are transactional, and involve reconciliation or arbitration.
Few technologies present opportunities for disruptive innovation better than Blockchain. Such technology, often referred to as a Distributed Ledger Technology, allows businesses to communicate with less friction and more trust.1 Businesses are rightly curious how this technology may breathe new life into their work flows.
I will assume my reader has a basic understanding of blockchain, and is looking for a practical next step of how this technology may find its home in their company. For those uninitiated, I will skip the technical details and simply say this: The simplest way to view blockchain is as a next generation database. Blockchains are immutable databases that record transactions securely. Such a product allows for smoother communication and improved governance and security. Implications exist for the Energy industry, which I will outline below. Continue reading