These use cases include new business models for energy markets, real-time data management, and moving carbon credits or renewable energy certificates onto the blockchain.
Distributed ledger technology has the potential to improve efficiencies for utility providers by tracking the chain of custody for grid materials. Vottun Supply Chain can be used today for this endeavor.
Legacy energy sectors, such as oil and gas also stand to benefit from Vottun Protocol, where complex systems with multiple actors have the opportunity to trace data in the blockchain with Vottun. The complex network of participants suffers from siloed infrastructures and numerous process inefficiencies, take as an example the project developed by Vottun for NATURGY, one of the largest gas companies in Europe and SEDIGAS the Spanish Association of Gas Companies for certifying gas professionals and reduce the risk involved of employing third party workers in critical processes.
This project is one example of how large utilities conglomerates are seeking to invest in and implement blockchain technology because of its ability to lower costs and benefit impact. Blockchain technology will have a positive impact solving these issues.