Blockchain in utilities
Blockchain software solutions are being tested for a wide range of applications in the utilities industry: peer-to-peer (P2P) solar energy sales between neighbors, energy trading among utility conglomerates, automated billing for autonomous electric vehicle charging stations, and more.
In Australia, there are a number of utility companies using blockchain-enabled technology. Global energy-tech company GreenSync, in partnership with the Australian government, created a decentralised energy exchange (deX). It acts as an online marketplace that facilitates payment to households and businesses with rooftop solar and battery storage systems, allowing other businesses to access their stored electricity and, ultimately, strengthen the grid. AGL has also created a P2P solar energy exchange program. And LO3 Energy created a microgrid platform that allows organisations, schools, and individual households to choose where to buy their energy and renewable products – as well as to sell and share energy locally.
Blockchain in HR
Verifying candidates’ qualifications and experience can be a time-consuming process, especially now – when candidates may work for multiple employers, take on gig assignments, and move between jobs more frequently. A single blockchain for recording education levels, certifications achieved, employment history, and other qualifications could provide a way for HR professionals to verify career credentials more efficiently.
The non-profit Velocity Network Foundation is building a blockchain-powered solution with this goal. The vendor-neutral, open source platform will give individuals control over how their data is shared and used while making sure it is protected and compliant with regulations, such as the GDPR. And it will also provide organisations with a source of accurate, compliant, and verified information to reduce hiring risks – much faster than if done the traditional way. Employers, academic institutions, certification agencies, and other credential issuers will upload achievements to the blockchain directly to prevent people from padding their resume or adding misleading skill sets. The Velocity Network Foundation will establish a common framework, promote global adoption, and support research and development of applications and services to ensure objectivity.
Blockchain in finance
Blockchain technology can be used to streamline accounting processes and banking services. For example, accounts payable departments can make payments directly to transaction partners, bypassing banks. The identity of the payer is baked into the chain and encrypted with private keys before being validated by other computers in the network. AP will no longer have to update their records showing when the payment has been received, as the blockchain is updated by the receiver. This is also being used to make royalty payments through a much faster, more automated process.