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The future of blockchain according to experts in the energy sector


By Fakher Omezzine, Joachim Schleich.



Blockchain technology is a decentralised digital ledger that keeps public but encrypted records of peer-to-peer transactions. All members of a blockchain network can verify whether a transaction occurred or not, rendering clearinghouses or other intermediaries obsolete. The technology originally served as the backbone of bitcoin, the well-known crypto-currency, and later made its way to other industries. In France, blockchain represents a vibrant industry as the nation trailblazes the way for the technology in the hope of becoming a blockchain hub in the European Union. The French minister of finance, Bruno Le Maire, believes that:

“The blockchain will offer new opportunities to our startups, for example, with initial coin offerings that will allow them to raise funds through tokens.”

In December 2018, two French members of Parliament, Jean-Michel Mis and Laure de La Raudière, submitted a report recommending that the French Government invest 500 million euros on public blockchain endeavors over the next three years in order to build a “blockhain nation”.
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The unique characteristics of blockchain technology (lower transaction costs, increased transparency and enhanced security) are creating new opportunities for the French electricity sector. A few start-ups such as Sunchain or Evolution Energy are currently establishing blockchain-based projects with the main aim of further decentralizing existing energy systems. Several barriers to the wide adoption of blockchain however are yet to be overcome.

Where is the blockchain headed?

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Thursday, March 21st 2019
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