How the blockchain feeds the digital transformation of energy

The rise of data driven businesses and changes in consumer habits are changing the way businesses perform in energy markets.

Emerging technologies are driving digital transformation

and causing large-scale industry disruptions, bringing great benefits to the energy sector. Boasting reliability and transparency, blockchain is one of these technologies.

This potentially revolutionary innovation can help companies manage the growing complexity of the industry while eliminating inefficiencies. [Native Advertisement]

There are three main ways in which digital technologies like blockchain can improve business. The first is the development of new business models, which is perhaps the strongest added value. The second is interrupting existing processes. Obsolete business practices can stop growth, while their reimagination and redefinition can have a transforming effect. The third main force of the blockchain is disintermediation. Technology can help disintermediate existing value chains and offer ways to redefine them. This can give companies direct access to information that would otherwise require a mediator.

Development of new business models

In terms of new business models and innovative digital platforms enabled by blockchain, we have already witnessed the convergence of different sectors within the market. For example, oil companies have become actively interested in having capacity for energy production and for the provision of marketing services to the B2B and B2C channels. In this way, they are trying to play a role through the end-to-end supply chain of hydrocarbons. It is advantageous for both them and their customers to provide services that improve the business. Blockchain can become one of the key mechanisms for B2C channels to manage the authentication, management, syndication and sharing of data sets securely and reliably between the various parts of the ecosystem .

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Another example is the peer-to-peer business of energies, in which the consumer is a person who consumes and produces. This means that they can be incentivized to generate renewable electricity and exchange any surplus that could result. If given the opportunity to create energy that offers individual value from which they can benefit, today's consumer will be willing to pay the premium price to join the service. However, they may not have the intuition to do it efficiently. A scalable business model could develop around people who want to offer and negotiate within a market.  How Blockchain fuels digital transformation in the energy sector "id =" cq-gen9523 "style =" float: right; "width =" 399 "height =" 280 "title =" How Blockchain fuels digital transformation in the energy sector "/> </p>
<p>  Here, blockchain offers a reliable repository where consumers are able to place the data set of the market, including information on how much energy they produce, how much they offer for sale and to whom All of this information remains unaltered in a blockchain-based repository that is safe to use for all parties within the network. </p>
<p>  Another example of a new business model revolves around electric vehicles: there is a rapidly evolving network of vehicle charging stations, with many large companies taking positions within this sphere Blockchain could be at the center of that service, allowing the authorization, authentication and maintenance of the data set of the charging station Blockchain can become a fundamental digital platform, able to orchestrate sharing power over different channels, helping to create and scale new business models. In Europe, Wipro collaborated with a client to create a market for electric vehicles and hybrid charging points, developed on a blockchain-based solution </p>
<p>  <b> Interruption of existing processes </b> </p>
<p>  The second key advantage of the blockchain aims to reimagine, redefine and reorganize existing business processes. There are numerous examples in which blockchain can potentially disrupt the way things are currently being done, to make them more efficient and safer and cheaper to run and maintain. </p>
<p>  This could benefit everything from supply chain supply work processes to value creation processes for customers or customers. Blockchain can provide the data pipe with the necessary level of security, resilience and performance so that it can be safely used by a hub of several participants within that process. </p>
<p>  <b> Eliminating intermediaries </b> </p>
<p>  The third the main advantage of blockchain in the energy market is disintermediation. In the energy industry, including energy, oil, gas and renewable sources, every single sector has the unique opportunity to exploit the technology. The electricity market went through a transition from regulation to deregulation </p>
<p>  This means that there was a history of market participants who have a range of business interests in which one feeds on the other . In every node of the ecosystem, there is always some value creation – but there are inefficiencies. The same applies to oil and gas, with the circulation and creation of hydrocarbons and molecules along the supply chain, involving the parties in between. </p>
<p>  Agents, brokers and suppliers support the existing supply chain, but also accumulate costs over time. Blockchain has the potential to unite all these roles and make everything much more efficient by cutting the intermediary – removing some of these intermediates from the process. </p>
<p style= BLOCKCHAIN ​​MORE DEPTH: Blockchain

A classic An example of this disintermediation is in the exchange cycles in which there is a lot of manual manipulation between several parts. Blockchain can completely stop the whole process, creating a digital mechanism for companies that perform post-trade transactions, commercial processing and even to manage commercial financing.

There are currently a number of industry initiatives that are trying to achieve this goal. The same applies to small energy companies where the challenge is to create a digital rather than a physical market in which people interact using more traditional methods that result in a significant degree of inefficiency. Blockchain can have a huge positive impact on traditional supply chains that are currently dependent on outdated and inefficient processes.

Turning on the blockchain revolution

Many companies are experimenting with various new technologies, trying to determine which ones are best suited to their businesses, including the blockchain. We can observe various types of scalable production distributions in the industry, most of which are in the most physical supply chain, focusing primarily on container companies and, in some cases, on remittances. These early use cases provide a first indication of the vast potential of the blockchain, which is now becoming a reference point for a larger number of organizations considering how they can strategically use new technologies to accelerate their activities.

Therefore, stakeholders are now gathering to create common definitions, data standards and solutions supported by blockchain, and participate in industry consortia by putting equity and investment.  How Blockchain fuels digital transformation in the energy sector "id =" cq-gen9571 "style =" float: right; "width =" 404 "height =" 296 "title =" How Blockchain fuels digital transformation in the energy sector "/> </p>
<p>  Wipro has recently become an affiliate of the Energy Web Foundation (EWF), a global non-profit organization focused on Accelerating the adoption of blockchain technology in the energy sector In collaboration with more than 50 affiliates worldwide, EWF is building and scaling the Energy Web Chain, the first public company, made-to-measure en-space blockchain platform for the energy sector. </p>
<p>  As we are still in the early stages of the blockchain revolution: technology is sometimes misunderstood and seen as an answer to the search for a problem – similar to an aspirin for headaches. </p>
<p>  That's why Wipro is investing in deployable business use cases for this promising technology and in important solution accelerators – these are "software blocks" ready to be used for common business needs which accelerate the development of customized software. This will guide the adoption of the blockchain, allowing organizations to focus on identifying the strategic value of the blockchain for their business. </p>
<p>  Wipro is an active contributor to various development forums and technology strategy. We have made selective investments in industry consortia to promote the standardization and development of secure and scalable platforms for the digital market, through processing, remittances, etc. Our blockchain lab as a service is based on a framework of industrial solutions and technology resources, to enable organizations to quickly experiment and innovate on their digital transformation and acceleration efforts. </p>
<p>  Blockchain offers enormous possibilities for the energy industry and will play a key role in its digital transformation. We believe that 2018 will see the growth of blockchain as a viable platform, along with industry-wide efforts to create common standards that will allow more companies to exploit the potential of new technology. </p>
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