Which of the following are likely use cases for blockchain in the energy industry? (Select two.)

Which of the following are likely use cases for blockchain in the energy industry? (Select two.)
A . Safety in energy production
B . Energy trading
C . Safety in energy transport
D . Smart power grids

View Answer

Answer: B, D

Explanation:

Blockchain technology has significant potential in the energy industry, particularly in energy trading and smart power grids. By providing a transparent, decentralized, and secure platform for transactions, blockchain can facilitate peer-to-peer energy trading and improve the efficiency and reliability of smart grids.

Key Details:

Energy Trading: Blockchain enables peer-to-peer energy trading where individuals and companies can buy and sell excess energy (such as solar or wind power) directly to each other. This decentralized model reduces the need for intermediaries and allows consumers to benefit from direct energy sales and purchases.

Smart Power Grids: Blockchain can enhance smart grid systems by enabling real-time data sharing and automated decision-making. With blockchain, smart grids can securely record and share data related to energy production, consumption, and storage, thereby improving grid management, reducing waste, and optimizing energy distribution.

Enhanced Transparency and Security: By recording all transactions in an immutable ledger, blockchain ensures transparency and security, reducing the risks of fraud and discrepancies in the energy market. This is especially beneficial in energy trading where trust and accurate record-keeping are essential.

Thus, Energy trading (B) and Smart power grids (D) are the most likely use cases for blockchain in the energy industry.