Applications for Blockchain Grow in Energy, Transport

This article first appeared on the BNEF mobile app and the Bloomberg Terminal.

  • Blockchain provides security, privacy, trust, automation
  • Uses include power trading, machine commands, EV charging

How blockchain works

Source: Bloomberg New Energy Finance

Blockchain is a network of distributed nodes — humans and machines — participating in peer-to-peer transactions. Data from these transactions is broadcast to the network and hashed together to form a chain of data blocks stored across the network. The software uses public-private key encryption and digital signatures to build an immutable database with complete audit trails. As the financial industry becomes more comfortable with the use of blockchain, energy markets are also looking at how to implement the distributed ledger system. On Nov. 17, the Australian government awarded $1.95 million for a blockchain-powered distributed energy and water system, co-developed by Power Ledger.

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About Bloomberg New Energy Finance

Bloomberg New Energy Finance (BNEF) is an industry research firm focused on helping energy professionals generate opportunities. With a team of experts spread across six continents, BNEF provides independent analysis and insight, enabling decision-makers to navigate change in an evolving energy economy.
 
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