New York Utilities: We Believe Blockchain Is ‘Transformative’

Could blockchain transform the electricity sector? New York utilities think so. The potential of blockchain in the energy industry could be transformative.
To reach agreement among all parties, there are several processes for the “nodes” (participants) in the blockchain network to approve transactions — this process is called “consensus.”
By using the combination of these components, blockchain technology enables participants to keep track of transactions without centralized oversight, thereby creating trust among a group of participants in a network. The idea is that participants can be assured that there is one version of the truth. As a result, blockchain may not only be suitable for transactions among parties that know and trust each other, but also those that don’t yet know and trust each other.

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