Those of who read Foot Anstey passles or articles will know we are usually staunch advocates of technology developments like blockchain but equally it is only fair to put both sides of the argument. So...
Can blockchain really change the status quo?
This is the question at the heart of Busby's article in the Guardian. The author suggests not. Blockchain is not here to solve a problem, she says, it is merely a way of doing things differently.
One of the key blockchain applications highlighted in the article is electronic verification – for instance the university of Nicosia is using blockchain to help employers verify candidates' credentials. The same approach has been adopted by the British University of Dubai.
We see a great opportunity for energy players here – as more and more companies are joining the renewable energy trade fair (as a means of achieving their renewable energy targets and energy savings), verifying the provenance of units of energy will become increasingly important.
The community energy sector can benefit as well – the article makes reference to a charity ("Ourmala") that uses blockchain to track donations given to the charity and inform donors of how their monies are being spent. Community energy organisations can use a similar system by which members of thepublic taking part in a share offer will be able to see their investment beingtranslated into MWh of energy.
We do of course recognise the issue (and need) for governance and self-regulationto ensure that blockchain achieves its full potential – making transactions more efficient whilst ensuring transparency and accountability of the organisations using these technologies. Blockchain is a very exciting area of development particularly for professionals working within the legal services industry; it sees the convergence of law, IT, public policy and AI in one area.
For most people in the developed world, these are not problems that need to be solved. If I want to send money, I use my bank account; if I want to prove my identity, I use my passport.” “The best arguments I’ve heard for these technologies are thus either in the developing world, in which access to these institutions is not as easy (or they don’t exist at all), or in more speculative applications where all the stakeholders really are mutually distrusting