ScottMadden, Inc., one of North America’s leading energy consulting firms, recently released a new introductory report for executives focused on blockchains. This report explores the definition of blockchains, how they work, the current state, and next steps for putting distributed ledger technologies (DLTs) on the radar.
The world is growing more decentralized, in large part due to the transformative power of the internet. Blockchains bring security and privacy to the decentralized, digital world potentially addressing many undesirable consequences of the internet (e.g., identity theft, unwarranted surveillance, and the monopolization of personal data). Despite its potential, much work has yet to be done as the technology matures, and business cases are only beginning to be fleshed out. The priority now is to learn and pursue low-risk pilots. When and where should they, or should they not, be considered in place of traditional solutions? What are the largest issues being discussed publically?
“Some say the inherent complexity of a real-time electricity market requires the scale and transaction size seen in a large ISO platform. Others ascribe to the vision of distribution-level market platforms. They believe that the administrative overhead attendant with running this kind of market just will not be an issue. Could blockchains, or more broadly DLTs, offer the solution – trusted transactions, cheap to administer? In our report, intended for executives, we explain this technology from a business and users perspective – What are they? How do they work? What’s going on now?” explained Stuart Pearman, partner and energy practice leader at ScottMadden.
“Blockchains are an exciting but often confusing development. This report provides energy leaders an introduction into the potential of blockchains so they can begin thinking about how this new technology may disrupt existing business models,” added Jon Kerner, partner and technology practice lead at ScottMadden.
ScottMadden will publish additional research pieces on DLT to help keep you abreast of developments of this potentially powerful technology. Contact us to receive related content.
About ScottMadden’s Energy Practice
We know energy from the ground up. Since 1983, we have been energy consultants. We have served more than 400 clients, including 20 of the top 20 energy utilities. We have performed more than 3,000 projects across every energy utility business unit and every function. We have helped our clients develop strategies, improve operations, reorganize companies, and implement initiatives. Our broad and deep energy utility expertise is not theoretical—it is experience based.
About ScottMadden, Inc.
ScottMadden is the management consulting firm that does what it takes to get it done right. Our practice areas include Energy, Clean Tech & Sustainability, Corporate & Shared Services, Grid Transformation, and Rates, Regulation, & Planning. We deliver a broad array of consulting services ranging from strategic planning through implementation across many industries, business units, and functions. To learn more, visit www.scottmadden.com | Twitter | Facebook | LinkedIn.