This year has begun with path-breaking developments for blockchain technology in the energy sector. There have been some major announcements already done which will make a huge impact on this industry in a very positive way. The recent breaking news has been reported by Spanish energy company Repsol which has successfully tested blockchain in their system for the improvement of quality and safety parameters or certifications.
These tests have been conducted by Repsol Technology Lab Research Center (Tech Lab) in association with startup firm Finboot. The entire project has been set up for the improvement of their products certification process which will help the company to save approximately 400,000 euros per year. The primary aim of this entire set up is to utilize the potential of emerging blockchain technology hence the regulatory bodies can unequivocally identify the product standards in the entire chain.
According to Coin Telegraph, Tech Lab Experimentation Manager, Tomás M. Malango believes that the procedures in the energy industry include a large variety of samples which are subjected to rework sometimes because of incorrect connection, loss of information or mislabelling. He further added that working on such items will help in pure efficiency improvement of the overall system. Therefore, it wouldn’t be incorrect to say that blockchain technology in energy is developing progressively with successful advancements.
Energy Sector And Blockchain Development In Europe
European countries are making huge progress with blockchain in most of the sectors but energy remains their special concern. Many big companies have come forward and embrace blockchain within their systems. Although it has not yet replaced the older systems it definitely has secured a place for itself.
According to Clean Technica, there is nothing significant about blockchain-enabled energy supply but it is more like a digital tool which has made incremental improvements in the energy industry. Blockchain technology in energy still has a long way to go with quite a lot hurdles ahead on its way.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]