Blockchain is a distributed ledger technology that enables data to be stored and transferred in a secure, decentralised way. Unlike centralised registry systems, blockchain allows all participants to verify the integrity of the data stored in the registry. This means that there is no single point of failure and the data is more resistant to corruption.
Over the years, many applications have been developed on blockchain, such as crypto-currencies, smart contracts, non-fungible tokens (NFTs), decentralised governance, property registries, supply chain and much more. Blockchain has become a fundamental technology in many sectors such as financial services, healthcare, insurance, energy, real estate and logistics.
Blockchain can be used in several areas of the energy market. Here are a few examples:
In summary, blockchain has the potential to transform the energy market by making it more efficient, transparent and secure. However, there are still many challenges to overcome before blockchain can be widely adopted in the energy market, such as scalability, interoperability and regulatory issues.
Solid foundations: choosing the Binance Smart Chain or BNB chain