The German Energy Agency’s blockchain industry survey shows that a large number of energy companies already have blockchain implementation roadmaps

Bitcoin's underlying blockchain technology is making inroads into every possible industry sector.

Energy is one industry that may soon see widespread blockchain adoption. According to reports, a survey conducted by the German Energy Agency and the European School of Management and Engineering (Berlin) showed that many energy companies have already developed a roadmap for the future implementation of blockchain technology.

The survey included more than 70 executives from various energy industry companies. More than 39% of respondents revealed that their companies plan to integrate distributed ledger technology into operations in the future. Another 13% believe that their companies are ready for blockchain-based applications and they have already or may soon start using these applications.

The transparent and immutable nature of blockchain technology makes it a favorable alternative to existing record-keeping and compliance processes. The convenience of using cryptocurrencies is also an additional advantage that the energy industry can take advantage of by implementing this convenience into operations. When it comes to smart contracts and record-keeping, many respondents acknowledge that cryptocurrency technology is disruptive. More than 60% of German energy industry respondents believe that blockchain technology will expand further in the energy industry.

The use of blockchain technology and cryptocurrencies in the energy industry is not new. Companies like Transactive Grid and Sun Exchange have been investigating the various capabilities of cryptocurrencies. Transactive Grid is a New York startup that has created a blockchain-based microgrid that enables peer-to-peer energy trading. Sun Exchange, on the other hand, offers a crowd-leasing solution where people can invest in solar projects locally and globally.

In the coming years, we can expect blockchain technology to play a more prominent role in the energy industry, with all electricity connections registered on the blockchain, electricity consumption data and other statistics placed on the blockchain. Users may also be able to pay with Bitcoin and other digital currencies. Although no one can guarantee that this will become a reality, it is definitely worth waiting for.

For more information, please see the special topic "Blockchain and Energy"