Congressional research report outlines blockchain benefits for energy

A report published by the U.S. Congressional Research Service has weighed in on the potential of blockchain in the energy sector. After reviewing the costs of energy-hungry blockchains like Bitcoin, the paper highlights multiple ways blockchain could affect the sector – with some uses more disruptive than others.

Blockchain’s potential

The more straightforward application of blockchain is in Renewable Energy Credits (RECs) trading. RECs are proof that energy was generated from renewable sources. Purchasing these credits can help businesses to meet regulations on renewable energy use. Blockchain could allow trading of RECs without the need for a centralized party to verify the transactions. This might mean a more reliable and efficient trading experience.

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