How technology is changing the market for energy commodities

By Kent Berhard for the Houston Business Journal An experiment performed by a startup in Brooklyn, New York, in 2016 could be a harbinger of the future of the energy industry. In the experiment, individuals were able to trade energy generated by solar panels between each other using the same blockchain technology that undergirds the bitcoin cryptocurrency. Though it was just a small test, the Brooklyn experiment showed blockchain technology is poised to become a major factor in the energy sector by shaking up the way commodities are traded. Blockchain technology can also apply to the flow of natural gas or oil from producers to end users, or any number of other commodities transfers, by combining with sensors along the way. “When you combine blockchain technology with … Internet of Things [IoT] and artificial intelligence, you’ll be able to track commodities from the well head through the pipeline all the way to the consumer and collect information about, not just a movement, but who had possession of an asset at a particular point in time,” Daniel Nossa, an attorney at the Houston office of Steptoe & Johnson PLLC, recently told an industry group assembled for a Houston Business Journal panel.

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Source: CTRM Center

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