Blockchain is a technology that allows for access to a shared public ledger without a central authority exercising control. Blockchain has a wide array of uses, including, but certainly not limited to, digital currency (ex. Bitcoin, ethereum, ripple, etc.), smart contracts, secured energy transactions, regulation and/or protection of the energy grid, and use in the renewable energy sector.
Blockchain allows for the elimination of a third party moderators and creates an “immutable” record of all transactions that are verified under the Blockchain network. The Blockchain network can be tailored to the transaction, and can be public or private. With respect to the energy sector, among other things Blockchain can help monitor critical infrastructure and verifying and managing trade in renewable energy and/or emissions credits.
For attorneys representing clients involved in Blockchain transactions, the client’s risks include cyber threats and future regulation and compliance issues. However, Blockchain’s potential to secure transactions and protect against fraud.
This presentation will discuss a brief background and key concepts related to Blockchain, and their applications in the energy and smart contract realms.