Digitalisation

Blockchain in the energy sector: Institutional disruption?

Blockchain technology has yet to prove that it can meet the (very high) expectations. It is a distributed, digital peer-to-peer register, which stores every transaction between two connected agents in a ledger. To create sufficient security for a Bitcoin transaction block, it takes roughly 10 minutes to complete one transaction. In a 51% attack a single entity would have full control of the majority of the networks mining hash-rate and would be able to manipulate Blockchain. The Bitcoin API for developing services is difficult to use. A small chain that consists of a small number of nodes has a higher possibility of a potential of a 51 per cent attack. Another issue emerges when chains are split for administrative or versioning purposes. For the future, these costs could be cut by 80% with larger block size (4 MB per block, latency of 10 minutes. So at this point, we can conclude that the blockchain is a promising technology is very interesting.