"A match made in heaven", "Driver of
the solar energy boom", "Entirely new energy
models". These are some of the terms that have been used
to describe the relationship between Blockchain and renewable
energy1. But why is Blockchain so important in the
renewable energy industry and what are the legal issues in the
associated insurance sector? We take a look at three key areas of
development to explore these issues.
First, what is Blockchain?
Blockchain is a public distribution database, or digital
ledger. It is the software behind bitcoin but has a much
wider application. Identical copies of data are stored on multiple
computers around the world with no central hub or master copy,
meaning it is decentralised. Any update to the information is made
on every single copy, which is validated by cryptographic
technology. This offers transparency and makes it extremely
difficult to hack.
