Blockchain Technology: How the Future Could Be Different

If the future two-way electric system is made up of billions of endpoints interacting with each other — microgrids, solar systems, smart appliances, in-field distributed computing and energy management software — how do you create a secure system that can verify instantaneous, autonomous transactions across these nodes as market conditions change? Many people believe that the blockchain can serve as the foundation of this system. Blockchain technology offers a way of recording transactions or any digital interaction in a way that is designed to be secure, transparent, highly resistant to outages, auditable, and efficient. Because of the changing nature of human behaviour which is resulting in an increasing number of on-line transactions (financial, information, records), Blockchain technology is likely to become increasingly important to the customer fulfilment relationship between a government and its citizens as it has the potential to enhance privacy, security and speed up transactions.