Blockchain is a distributed ledger of data entries. The entries
are processed and managed by a series of different computers, or
'nodes', which can be running on different servers. Every
computer connected to the system keeps a copy of this ledger,
meaning that different parties can view and manage the same
information in real time. It also makes it exceptionally safe and
secure.
The
energy sector has been relatively slow to adopt blockchain
technology. However, it is clear that an increasing number of
transactions will involve blockchain in some shape or form. A novel
example of its usage is the recent blockchain-powered digital
trading platform used by EDF Energy to transfer its Capacity Market
Obligation, or 'CMO', to UK Power Reserve. Rather than the
trade taking the usual five working days, the platform
automatically checked that the trade complied with the relevant
trading rules, streamlining the trading process as well as
maintaining a secure, decentralised
