Blockchain and the energy industry are two topics that, at first glance, have absolutely nothing to do with each other. But blockchain technology, which is actually at home in the new economy, could enable new business models, process optimization or value-added services in the energy industry in particular, says Serafin von Roon. "Blockchain's strengths lie, among other things, in the transparency of transaction processes, its manipulation security, possible pseudonymity and a high degree of availability," says the managing director of the Research Association for Energy Economics.
Blockchains ensure security
What are blockchains specifically about? Blockchains are decentralized databases that can make any type of transaction visible. A special feature of blockchains is that no intermediary, i.e. mediator, is necessary - the system runs completely automatically. In simplified terms, a blockchain consists of two elements: the "chain", the cash ledger, and the "block", in which every type of transaction is written. "One of the advantages of blockchains is that they use distributed databases and consensus mechanisms to ensure data integrity between unknown parties, without intermediary entities such as banks or insurance companies stepping in. This makes them particularly interesting for critical infrastructures such as the energy sector.
Blockchains ensure IT security, store data in a tamper-proof manner, and at the same time keep it available thanks to their decentralized design," explains von Roon. In his view, applications in the energy industry range from proof of origin for renewable energy to peer-to-peer trading, asset and supply chain management, sector coupling, system services, the sharing economy or the use of cryptocurrencies. However, von Roon also emphasizes that the regulatory framework in particular currently stands in the way of large-scale deployment as part of a viable business model. Great potentials for the energy industry will only arise if the blockchain with smart contracts is developed into a platform on which programs and business processes can run in an automated way.
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