Blockchain is generating a lot of buzz as a promising system to verify and track peer-to-peer transactions in the energy sector. It could have multiple applications although there is still debate about which, if any, will work well. What’s clear, however, is that companies are already exploring uses of blockchain to save energy. Let me tell you about three applications that show promise.
Companies including Walmart and Maersk are already using blockchain to track products along a supply chain. The technology records every transfer and financial exchange. This reduces processing and administrative costs (which can add up to 20% of overall shipping costs) as well as product spoilage. By matching shippers with carriers, it may also increase equipment utilization and decrease fuel consumption. According to the American Trucking Association, truckers in the United States drive more than 29 billion miles a year with partial or empty truckloads.
Read more (American Council for an Energy-Efficient Economy)