Q&A: Blockchain in commodities – a solution in search of a problem?
Competitors must work together if technology is to harness its potential, say three industry leaders
For the past three years, blockchain technology has been extolled as a game-changer for the energy industry, one that could bring visibility to an opaque and often unfathomable market. The technology, which replaces companies’ individual databases with a shared ledger showing one agreed, immutable record, could transform energy trading in several ways, say proponents.
A main attraction is its potential to eliminate fraud, especially around the ownership of physical commodities, by ensuring
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