How Blockchain Could Change The Energy Industry
First published by Law360, November 21, 2017
By Caroline Stewart
Blockchain technology, a technology traditionally associated with digital currencies like bitcoin, has expanded far beyond cryptocurrencies and into the energy sphere, ushering in a demand for updated energy technologies and a new legal landscape. With blockchain, people can buy and sell energy from their neighbors without a third-party intermediary.
This peer-to-peer payment system has the potential to catalyze distributed energy resources, leading to a change in the number and type of “generators” adding capacity to the grid. But implementation of blockchain raises questions such as how to introduce this technology in numerous regions across the United States, each with a unique regulatory scheme. Thus, while blockchain provides exciting opportunities to change the payment system and players in the energy industry, full-scale industry integration will face numerous obstacles, requiring regulators to address reliability, security and stability concerns. Read entire article here