Blockchain Pilot Makes Waves in Russia’s Energy Sector
Stephen O'Neal's original article for cointelegraph.com reduced by 74%
Blockchain and energy: What makes them work together?According to Wood Mackenzie, a global natural resources research and consultancy group, the first documented use case of distributed ledger technology in the energy sector can be traced back to April 2016, when residents of Brooklyn, New York, started trading solar power via a blockchain peer-to-peer system. What exactly makes blockchain a good fit for the energy sector? As per a 2018 Deloitte report, adopting blockchain in energy and resources "Could improve visibility, increase operating efficiencies, and streamline regulatory reporting." Russia's energy industry problems - and how blockchain can solve themIn the blog post announcing its blockchain solution, Waves explained that the main drivers for the project are the inefficiency, opacity and mounting debt that currently plague the Russian energy industry.
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