The blockchain is at an early stage in the innovation process. Still, the energy industry is quite advanced compared to other industrial sectors as it sees considerable potential benefit from the blockchain, not only for the increased efficiency of existing processes but to support and accelerate the transformation of the energy towards more decentralized business models.
With the blockchain we experience a paradigm shift predicting an interesting reduction in the execution time of transactions, increasing operational efficiency by eliminating processes that need the human factor.
The implementation of the blockchain incorporates a greater coverage of agility, transparency and automation.
Today, the energy sector has already started to implement these models. Large corporations such as BP, have created a digital platform on Blockchain, with the aim of simplifying the management of the entire transaction chain of raw materials and petroleum products.
Peer-to-peer technology enables large volumes of transactions to be managed, which are processed quickly, safely and at a relatively low cost.
Although many possible uses have been suggested, the true potential of blockchain advancement comes from myriad ways and it can help companies to make a profit.
The facilitator of a cross cutting ecosystem of information, shared by a number of different but interconnected parties. A critical element to the value of the blockchain is the ability to reduce the times of multilateral transactions to almost zero. Thus, it dramatically reduces the overhead costs of using intermediaries, such as clearing houses, allowing companies to be more efficient and profitable.
Finally, the blockchain can greatly improve trust in transactions between companies and people in the digital world, which in turn can reduce associated bureaucracies.
Blockchain-enabled systems provide companies with a tool to manage transactions, maintain their economic benefits, privacy and security, and reduce the costs of each one.
The table shows a detailed blockchain comparison with many of the standard data management approaches used by companies around the world.
Eliminating intermediaries, monitoring the operation in real-time, verifying data and reducing the risk of fraud are very attractive benefits for both the energy sector and its customers.
A key point in the Blockchain
The appearance of the Blockchain has come to be considered a key event in history such as the appearance of the first computer or the appearance of the internet in our lives.
The world of connected solutions is one of our greatest passions. The security of your valuable information is not going to be a barrier, so you only have to worry about continuing to work towards the success of all your exciting challenges.
In this sense, decentralization-based protocols for file sharing have the power to replace the cloud storage system. The Blockchain is the framework that facilitates not only the processing and recording of transactions and data, but also the coordination of connected devices.
What exactly would Blockchain bring to the IoT?
The processing of all transactions that are carried out continuously in the hyper-connected environment of the Internet of Things cannot be covered if it is through distributed computing. This is because the peer-to-peer network system (the famous P2P) significantly reduces the maintenance costs of the data center. One can more detail at bitcoin revolution official site.
What Litecoin and Dogecoin are trying to do is that there is no professional mining but professional transaction verifiers that do not flee in terror when the monetary base of these currencies reach their maximum limit established in the initial design. Using scypt we make anyone with a PC competitive and the verifiers are more distributed than with SHA-256 based currencies.
The other difference between virtual currencies is the time between confirmations of transactions. In Bitcoin it is 10 minutes, making it sensitive to a double-spending attack (i.e. an attempt to spend the same money on two transactions). In Litecoin it is 2.5 minutes and in Dogecoin it is 1 minute, to give an example.
In the end, the important thing about a virtual currency is the volume of transactions and users, and in this aspect, Bitcoin wins long. This is similar to a social network. Creating one is relatively simple, achieving a significant number of users, not so much.