Expectations of disruption from the blockchain are high

Expectations of disruption for energy sector from blockchain are high

Blockchain is identified as one of the most critical uncertainties within the digitalisation elements and is perceived by energy leaders globally to be an issue of both relatively high impact and uncertainty. Blockchain has the potential to change the way we arrange, record and verify transactions, with the underlying model shifting away from a centralised structure (exchanges, trading platforms, energy companies) towards decentralised systems (end customers, energy consumers interacting directly)

The energy sector is seen as one of the industries where blockchain could have the biggest transformative and disruptive impact. But there are still a number of uncertainties in the way of blockchain which still could limit or even stall its growth due to a combination of technological, regulatory and other practical challenges.

Among the big questions surrounding blockchain are: Will its early potential translate into robust and reliable practical applications? How sure can we be that its promise of greater cybersecurity will be fulfilled and that it won’t introduce new, possibly bigger risks? Will industry-wide protocols and standards be needed before blockchain can become truly industry-wide and transformative rather than niche and fragmented? How far away is widespread deployment of blockchain in the energy sector?

 

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Jeroen van Hoof

Global Power & Utilities Leader and Global EU&R Assurance Leader, European EU&R IL, Assurance partner, PwC Netherlands

Tel: +31 (0) 88 792 13 28

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