Blockchain is creating a lot of excitement worldwide due to its incredible and inherent attributes. Due to such amazing attributes, several industries are embracing blockchain with open arms with the aim to manage their digital asset transactions better. The utility sector, which assimilates tons and tons of digital data from sensors, can store and maintain their assets centrally, with minimum cost and maximum efficiency. Besides, the utility sector faces several potential challenges, including mitigating the security risks, reducing the operational price, improving accuracy, to list a few. Blockchain can actively participate in addressing these challenges by creating a secure business ecosystem in the utility sector. Hence, CIOs should analyze that blockchain in utilities has great potential in disrupting and transforming the sector altogether.
Blockchain in utilities
Choosing to use blockchain is an easy job, but the real challenge surfaces when CIOs try actually to leverage it in their business. Following the shared things, CIOs could leverage the technology efficiently.
1. Interact with industry leaders
CIOs should initiate meetings with other executives from their industry to learn from them the advantages and benefits of blockchain. CIOs from different utility companies should team up and understand whether the decision of leveraging blockchain in their sector is valid or not. Besides, CIOs should discuss with other industry leaders about the potential risks and limitations of the technology. With thorough knowledge about the benefits and limitations of blockchain, CIOs will be in a good place to make the right decision.
2. Analyze various use cases
Once you understand the potential of blockchain, the next step is to determine different business use cases where you can leverage blockchain. For example, in case of smart meters, blockchain can help the sector eliminate middlemen by storing the usage details on a decentralized blockchain network, thereby assisting the sector in saving a lot of capital.
3. Examine the role of blockchain
Smart grids, smart meters, smart contracts and billing are some of the use cases in the utility sector where blockchain can play an essential role. After analyzing the use cases, CIOs should examine how blockchain will benefit that specific use case. Hence, CIOs should carefully analyze the potential of blockchain, leverage blockchain, and benefit the sector with its characteristics including agility, productiveness, and safety.
The disruptive technology, blockchain, can help the utility domain by cutting down the role of brokers, enhancing data security and improving system transparency. Hence, it is the prime responsibility of CIOs to undertake the obligation of leveraging blockchain in their sector, which is not that easy a job. To ease out the complexity, we have revealed an approach that can help CIOs in leveraging the disruptive technology – blockchain, thereby helping them stay ahead of the curve and attain their business objectives seamlessly.