How Utilities Are Using Blockchain to Modernize the Grid

Blockchain has grabbed the attention of the heavily-regulated power industry as it braces for an energy revolution in which both utilities and consumers will produce and sell electricity. This coming shift is prompting the industry to focus on blockchain’s potential to make peer-to-peer energy trading a reality. If the technology proves to be reliable and scalable, it may ultimately accelerate the transition to what the energy industry calls a “distributed world” made up of both large and smaller power-generation systems for homes, businesses, and communities. While there’s room for startups to move in and disrupt this industry, established utilities are best placed to evaluate and make strategic bets on blockchain technology’s potential applications. If they can seize the moment, centralized incumbents may turn out to be the true disruptors, ushering in a new era of decentralized power.