Blockchain technology is gaining momentum in the energy sector. In our latest State of the Market, we tried to give a first overview of this ecosystem – the innovators, corporates and investors making bets in the space. While this state of the market is already in need of an update, our assessment is that there is an even stronger need for understanding specific use cases and deployments. Which ones are actually getting piloted? Why use blockchain for this problem? How are innovators making money/creating value? In the past few months, we have been asked those questions countless times by investors and corporates alike. So instead of charting yet another sexy market map, we decided to explore a first use case we believe is commercially promising. We spoke to two blockchain innovators, Michael Merz of Ponton Enerchain, and Hugh Halford of BTL Group, who are both bringing blockchain solutions to wholesale energy trading.
We will attempt to answer the following questions:
- What is the wholesale energy trading process today?
- What are key pain points and inefficiencies in this process?
- How are BTL Group and Ponton tackling those? With what success?