Blockchain in the energy market — what are the experts saying?

The world’s leading software platform for digital assets, Blockchain, is changing the energy market. It is a digital leader that enables cryptocurrencies such as bitcoin to expand without need of a government or a bank. Not only the blockchain is the basis for the cryptocurrencies, but it is now considered as the biggest thing in peer-to-peer transactions.

As the energy market grows, we believe that blockchain offers better way of handling this sector, as well as the transactions between users around the world.

Some experts in the energy market think that the blockchain can intervene in the energy sector in order to make improvements and changes. We are aware that the energy sector have to increase capacity and to lower emissions for the smart contracts — and blockchain can provide that.

So, what are the experts saying about this?

“I believe that proof-of-stake blockchain applications can validly compete with other non-blockchain based solutions in energy trading. Peer-to-peer energy trading is nascent, notoriously difficult to manage and blockchain solutions might be useful.” — Michel Berne, director of economics studies at Telecom management school in Paris

“The best result for everyone is a market that works for everyone.” — Lawrence Slade, chief executive, Energy UK

“What the internet did for communications, blockchain will do for trusted transactions, and the energy and utilities industry is no exception,” — Stephen Callahan, Vice President, Energy, Environment & Utilities, Global Strategy at IBM.

“In the long-term, blockchain automation in peer-to-peer energy trading and dispatch will transform the sector. Using smart contracts, blockchain will be able to clear physical and financial markets at the same time, automating dispatch of load, generation and storage from both ends of the grid.” — Jon Creyts, managing director at the Rocky Mountain Institute and a board member of the Energy Web Foundation

“Imagine you’re growing a whole lot of tomatoes, but you can’t trade them over the fence with the neighbour for their zucchinis — you’ve got to go to the supermarket to sell to them and buy from them. That’s the situation in energy markets now — we want to change that.” —David Martin, managing director at Power Ledger

“All of this would save money and could transform the way we produce, store and consume electricity” — DHL Energy president Steve Harley calls the “internet of electricity”

“Through second and third generation of blockchains and the ability not only to transfer the value but do that under a certain set of rules — smart contracts, makes the expansion to energy sector not only possible but practical for transactions in energy to pick up pushing the change of wealth to energy happen for future or on the spot delivery. With the power of choice we can make a world a cleaner and better place.” — Nikolaj Martyniuk CEO, Co-Founder at WePower

This is just the start. We will see how Blockchain will cause changes in the energy market in the future. There are positive opinions about this topic, so we believe that the blockchain can make the energy market better.

That is why the Energy Premier team is also dedicated to bring the blockchain into the energy market — and for that reason, we have developed a blockchain-based electricity retail platform https://energypremier.com/en. We are also launching an ICO for the token-based platform https://tokensale.energypremier.com/ that allows energy trade through tokens in a global level.

Thank you for reading.

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