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The Energy’s Blockchain is live!
Since Monday, June 16th, the Energy Web Chain is LIVE and Elia Group is an active member of the network that validates the Blockchain transactions. A miner, as they say.
But do not worry, the Energy Blockchain is far from being comparable to Bitcoin, we have a very low energy consumption thanks to a simple but secure transactions verification mechanism which does not rely on complicated puzzles resolutions. This ambitious project was built in partnership with more than hundred major energy companies. On the technical side, we rely on the most innovative companies, such as Energy Web Foundation, a consortium between a company specialized in Blockchain technology and the Rocky Montain Institute in Colorado. But also on companies like Slock.it and Parity, that have implemented important features, like privacy on Blockchain. The energy sector has nothing to envy to initiatives like Facebook’s Libra.
Becoming a Blockchain miner has not been a mere formality because the implications of such a project go well beyond the simple installation of a software.
The first step was to coordinate with the IT in terms of security and response to failure. But by creating a platform for the exchange of value with (pseudo) anonymity capabilities, we obviously worked with our legal department to investigate the liability we could face as we are one of the first companies to operate a public Blockchain.
As an active member of this Blockchain, we receive tokens to interact with this Blockchain, we call them tokens or coins. These values, even if virtual, have a financial value that we must be written in our accounting books. It was at this point that we contacted our colleagues in the Finance Department who, based on the rules in force, did the necessary work of inventorying these new assets. The work does not stop there, because having values implies being able to transfer them to other entities. With the Internal Audit Department, we established a governance structure that provides the same level of quality as our current processes.
The world of energy is in transition and is turning more and more to an interconnected system of services where the Blockchain will allow us to orchestrate this evolving complex system.