The German Energy Agency considers the use of blockchain in the energy system to be sensible!

Hello dear readers and members of AVALO-energy,

the German Energy Agency has recently published a study on the use of Blockchain in individual energy-related application fields and came to the conclusion that the use under economic, technological and regulatory aspects can represent added value for companies. Today we would like to share and translate an article on this topic with you and at the end you will also find the link to the study entitled "Blockchain in the Integrated Energy Transition" (Only available in German).

Here you can find the original article in German: https://www.btc-echo.de/dena-studie-blockchain-einsatz-fuer-energiewende-bereits-heute-sinnvoll/

Picture Source Shutterstock and BTC Echo

The blockchain as a jack of all trades device - it's not that easy. However, as a recent study by the German Energy Agency shows, blockchain could become a key technology for the energy sector. Although the technology is still in its infancy, an effort worthwhile anyway.

Not only cryptocurrencies like Bitcoin have their rights. The underlying technology, blockchain, could also be used in fields such as supply chain management, ethical food production or the energy industry. For the latter, there is now scientific evidence.

The German Energy Agency, dena for short, has taken a close look at the possible significance of blockchain technology for the energy transition. The result: The use of the blockchain in the energy system makes sense. This is apparent from the February 26 study "Blockchain in the integrated economy", which is available at BTC-ECHO.

According to him, the technology can already offer added value for companies and consumers in many areas of the energy industry today. The authors came to this conclusion by examining the contribution of Blockchain to the energy transition on the basis of eleven concrete applications.

Although the investigation sheds a good light on the blockchain, one still has to test a deployment in detail:

"Our study shows that Blockchain can be particularly useful when complementing existing digital information exchange protocols, but it also highlights the need for a case-by-case analysis for each application to further develop core technology and expand its use in the energy industry can, politics and economics must clearly pay more attention to the topic,"

says Andreas Kuhlmann, chairman of the dena management.

Assessment must not be based solely on technical feasibility

In the assessment of a blockchain use, however, the industry should look closely: Although a specific application is already technically feasible, the economic benefits, however, are not always available. An evaluation must therefore be holistic, according to the authors of the study.

The research on the new technology, however, worthwhile at best. Especially now is the time for companies to enter this new field. After all, first movers usually have an initiator advantage in the market, according to a press release by dena.

Technology still in the beginning

Even the assumption of Gartner that the technology is far from mature, the study seems to confirm. According to Philipp Richard, team leader for digitization and project leader of the study, Blockchain is still at the beginning of its learning curve. Blockchains will become faster, more efficient and cheaper in the future. Therefore, the technology can be trusted to "support tasks in the coming years which go far beyond the previously known applications," said Richard.

The study "Blockchain in the Integrated Energy Transition" can be found here.

Original article in German: https://www.btc-echo.de/dena-studie-blockchain-einsatz-fuer-energiewende-bereits-heute-sinnvoll/