The survival of organizations depends upon how they embrace new technologies. Often, cutting-edge technologies promise transformation but lack time-tested proof, which gives executives excuses to delay embracing innovations. However, all energy companies should begin examining what future benefits and disruptions blockchain might hold.
Blockchain can cut out the need for intermediaries to facilitate, settle and verify transactions. Because the network is decentralized and data cannot be altered once it becomes part of the blockchain, the technology is virtually incorruptible. This article outlines the potential of blockchain in the energy industry and the questions energy companies should consider.