Blockchains ‘will become essential within a decade’

Blockchain technology will become an essential aspect of the energy and finance industries within the next decade. That’s according to Stephen Church, Energy Market Leader at EY, who spoke to ELN […]

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By Jonny Bairstow
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Blockchain technology will become an essential aspect of the energy and finance industries within the next decade.

That’s according to Stephen Church, Energy Market Leader at EY, who spoke to ELN at our Energy Live Future conference yesterday in Leicester.

Discussing the emerging disruptive technology, Mr Church told ELN: “Adoption will happen in very small pilots to begin with and then it will start – I wouldn’t want to put a timeline on it but certainly within the next decade I think it will be day-to-day part-and-parcel of what we do.”

He added the technology has the potential to transform corporate reporting and finance systems, as well as simplifying the relationship between energy suppliers and customers in the market.

He suggested a simpler system would cost less for all parties involved.

Talking on stage, he also emphasised the transparency of the technology, which would allow users to check real time prices easily and decide on a transaction that suits their requirements.

Mr Church said: “Blockchain could fundamentally support how we use energy. Consumers can use blockchain technology to trade between each other – they can start to look at adopting renewable sources.

“You and I could trade amongst each other if we’ve got excess energy and rather than handing each other cash, we could trade on blockchain.”