Blockchain To Increase Efficiency in Energy Sector
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The U.S. Senate has decided to discuss using blockchain in the energy sector in order to find out if this technology is capable of improving the industry. Public hearings have been held for this purpose.

During the meeting, the committee discussed a possible increase in demand for electricity due to a widespread introduction of blockchain and, as a result, rising electricity prices. Speakers also touched upon the issue of cybersecurity. At the hearings, they discussed how efficient blockchain could be improving security of energy systems.

Key points of the discussion:

  • Thomas A. Golden, program manager at Electric Power Research Institute (ERPI), told the senators about the latest research on blockchain. He shared information that several pilot projects aimed at improving energy distribution systems had already been launched.
  • ERPI has developed its own simulator of the power market based on blockchain. The institute has also founded an association which includes about 40 energy companies interested in implementing the technology.
  • Claire Henly, managing director at Energy Web Foundation, believes that blockchain has a huge potential in the energy sector. He is confident that the technology will increase the efficiency of systems management in this industry.
  • Arvind Narayanan, associate professor of computer science at Princeton University, also noted that a decentralized market may prove more effective than a centralized one. He said that there are already initiatives that allow people to directly sell surplus electricity received from their own small solar power plants.
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