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13-09-2016, 11:08 AM
At the very least, once deployed successful, the technology should be able to replace the physical meter and human cost to inspect and record usage. Good news to utility companies? I reckon, the competition from alternative energy, still negligible in near future...
An interesting innovation, indeed. Any comment?
Bitcoin technology harnessed to push electricity revolution
13 Sep 2016 08:03
[LONDON] Bitcoin technology is starting to seep into the electricity business, shaking up the way payments are managed every time a light switch is flipped.
From New York to Vienna, researchers and utilities are adapting the??cloud-based ledger system used to track bitcoins as a replacement for slower administrative systems that require constant human input and multiple spreadsheets.
Once set up, the database, called??blockchain, automatically records individual actions within a system, formats them, and stores the results in a secure online listing available to anyone anywhere with access.
The need for such speed? Utilities are shifting away from a century-old arrangement where they monopolised both supply and distribution. Now, independent wind- and solar-farms are feeding into power grids in short, sometimes unpredictable intervals that require transaction systems to be more nimble and decentralised.
Utilities including RWE AG in Germany and Fortum OYJ in Finland are looking to blockchain technologies to do just that.
...
BLOOMBERG
Source: Business Times Breaking News
An interesting innovation, indeed. Any comment?
Bitcoin technology harnessed to push electricity revolution
13 Sep 2016 08:03
[LONDON] Bitcoin technology is starting to seep into the electricity business, shaking up the way payments are managed every time a light switch is flipped.
From New York to Vienna, researchers and utilities are adapting the??cloud-based ledger system used to track bitcoins as a replacement for slower administrative systems that require constant human input and multiple spreadsheets.
Once set up, the database, called??blockchain, automatically records individual actions within a system, formats them, and stores the results in a secure online listing available to anyone anywhere with access.
The need for such speed? Utilities are shifting away from a century-old arrangement where they monopolised both supply and distribution. Now, independent wind- and solar-farms are feeding into power grids in short, sometimes unpredictable intervals that require transaction systems to be more nimble and decentralised.
Utilities including RWE AG in Germany and Fortum OYJ in Finland are looking to blockchain technologies to do just that.
...
BLOOMBERG
Source: Business Times Breaking News
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