Block Chain is nothing but growing list of records which are interconnected via a method known as cryptography. Block chains can also be related to public ledgers which are open to edit by any party. These public records are being widely used in the crypto currency network due to the high level of security that is associated with the block chain technology. One recent and visible trend is the increasing adoption block chain technology in the utilities industry. The block chain has significantly improves its visibility in the block chain industry. The future of the utilities market is going to be very bright, which shall consist of millions of endpoints such as solar devices as well as PV devices, digital customer platforms. In order to ensure quick and hassle free business transactions, security of data exchange shall be essential in an ever changing environment. This is where block chain comes in.

In a dynamic landscape, many companies have entered this industry in order to take advantage of the increasing growth rate. According to the study, ‘Blockchain In Utilities – Thematic Research’, some of the companies that provide block chain technology services to the utility industry include Accenture, Cognizant, Credit China FinTech, Goldman Sachs, IBM, Microsoft, Ping An, Santander, Axoni, BitFury,Digital Asset Holdings, Filament, LO3 Energy, R3, Ripple, Slock.it, Grid Singularity, Veridium Labs, Ponton (Enerchain), Power Ledger, Electron, Innogy/E.ON, TenneT and Centrica. There are various benefits that are involved with the use of block chain. The major benefits involved with the use of block chain technology are system transparency as well as data security. A distributed ledger will make it possible for machine to machine learning. One of the big assets that are involved with the block chain that could prove extremely useful in the utilities industry is the certification and traceability.

Utilities market is also becoming more and more decentralised as a result of growing importance of this type of distribution channel. Therefore the market that channel that is dominant is the decentralized one. The major problem with centralized distribution channel has also risen due to the increasing adoption of electric vehicles and so are the factors like small and local micro energy micro grids. Increasing the use of technology such as block chain allows for coordination between many players and also facilitates the transfer of information between two conflicting players through the mechanism is smart contracts. Block chain also has the potential to ease out the billing process by reducing the time that is spent on paying these due to a technology called smart metering. Smart metres associated with block chain can be used to create an environment of safety and transparency.

The competition landscape of the industry is fragmented with many companies beginning their operations in this industry. However, major achievements with respect to the technology can be associated with big companies which tend to hold a high share in the market. The overall growth rate of the in block chain in the utilities sector has been increasing rapidly especially in the recent years. Although slow however, the growth shall be immense in the future.

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https://www.kenresearch.com/technology-and-telecom/it-and-ites/blockchain-utilities-thematic/152710-105.html

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