A discussion about Blockchain Daily Applications
As soon as I started hearing about Blockchain, I strongly believed that the technology would suddenly become the newest breakthrough regarding every single transaction, even beyond financial services application. However, is Blockchain indeed the new world revolution in the service sector? Some experts not only claim that this is a fact, but also expect that this is going to happen soon. Although the technology implementation might not be complex and it is stimulated by the low costs, still depends on a series of factors, that need to be adapted to it, most of them related to cultural traditions. Well, it is not simple to come up with a new economy model where a central authority is no longer needed and, even though, the transaction is secure.
Since I was a kid, I had those futuristic dreams in my mind, where I could buy goods everywhere in world using an international type of currency. Also I wished I did not need to carry cash all the time, and maybe could have a bank account that manages all my expenses and just provide me the final statement, without the need to worry about every single payment. Is it possible that Blockchain can disrupt our society transaction models in order to provide that? It is still not clear to me. It still requires a huge amount of effort coming from the enterprises side to accept this innovation and implement that in the economy sectors.
Thinking specifically about the relation that Blockchain can have with energy markets, it would be incredible if some of the solutions that are being designed could also focus in the final consumer. Maybe it is this the incentive that the population needs to become more sustainable, knowing exactly their consumption and the value of it. However, not many companies are interested in investing and implementing end-user technologies, they are probably aiming more effective financial solution, not driven by social values. Another highlight, would be the fact that the industry, both power and utilities and oil and gas, have been implementing systems to optimize their operation, so the improvement expected by Blockchain applications would not justify the investment.
More than that, according to dena (German Energy Agency) many startups are already developing peer-to-peer solutions that enables microgrids transactions, which probably represents a good way out for the issue presented. Because, even though I want to have control about my energy consumption, I cannot imagine myself having to deal with big corporations, trading energy in a wholesale market and even having to remember to trade energy from time to time.
So, in this specific case, it not only a matter of costs and risks, it is also a question if it is really worth doing. While the investments in Blockchain technologies are growing exponential, I hope the specialists can come up with an agreement soon, and design a strong strategy to the sector that benefits both companies and the end consumer.