The Energy Web Foundation’s open-source blockchain platform aims to cut transaction costs and create new market opportunities in areas such as certificate trading, plant maintenance and demand response, project directors said. New blockchain capabilities will supplement growing data analytics efficiencies in the wind industry. (Image credit: Gorodenkoff) On February 22, S&P Global Platts announced it had deployed a proprietary, secure Blockchain network for reporting oil storage data in the United Arab Emirates (UAE), representing one of the first live launches of commercial blockchain technology in the energy sector. Blockchain’s distributed ledger system eliminates the need for intermediaries to create centralized trust and reduces transaction costs. Security is assured as data is stored across multiple devices and not changeable by any one person, according to proponents. In the electricity sector, non-profit group Energy Web Foundation (EWF) will soon bring to market an open-source blockchain platform designed to increase efficiency and […]