“ Digital technologies can not only aid industry flexibility but also improve the ways in which energy sector operates ”
IOT
“ Digital technologies can not only aid industry flexibility but also improve the ways in which energy sector operates ”
Whilst its rollout in the energy sector may seem insignificant , its usefulness to the energy sector indicates the opposite . According to AI Multiple , the network of energy transactions being made is growing which , in turn , has raised both security and trust concerns from the businesses involved .
However , blockchain technology has the potential to perform transparent peer-topeer energy trading , allowing industry leaders a clearer view of the transactions being made .
Other advantages of utilising this technology include being able to keep track of the source of renewable energy and make records of the carbon footprint of different businesses . In addition , any excess energy can be stored in blockchain technology with algorithms that can connect excess energy buyers and sellers by using smart contracts .
Digitalisation will support the industry for an uncertain future If the energy sector is to come out of the crisis , the ability to adapt is key . Digital technologies can not only aid industry flexibility but also improve the ways in which the energy sector operates .
Digitalisation , as we have witnessed , is paramount for the industry to stay afloat – whether that be in helping it to manage power grids , provide data from smart metres , or to help deal with transactions .
IoT , AI , Blockchain , and robotics prove that the industry can move with the times and that it will be prepared for the uncertain future that lies ahead . energydigital . com 37