The hype behind blockchain has reached a full-blown frenzy but it certainly is the new tech on the block. We recently sat down with Oliver Oram, CEO from Chainvine for a chat about why this tech is so important now more than ever in the energy trading sector amongst other topics looking at DLTs and data security.
Join us in this interview below as Oliver also gives us a sneak peak of his topic ahead of the 10th ETOT Summit this October!
1.DLTs and blockchain generate an enormous amount of interest within the energy trading sector. What do you believe is the greatest benefit of embracing this technology (for the utilities and trading companies)?
The greatest benefit will come from the capability of the technology to eliminate the need for intermediaries since contacts can be made between peers.
Also, [Blockchain] provides the capability to scale up the system quite easily with no risk of sharing more than intended providing an Integrated Platform that all ‘untrusting’ parties can access.
This has not been possible before where competitors would not want to share their systems with competitors – the advantage of this can’t be overstated.
"Security of data is better achieved with Blockchain"
2. Security of data is often a concern for commodity and energy trading companies. What are the best practices in that field?
Security of data is better achieved with Blockchain since parties involved in a transaction can utilise the required level of encryption – e.g. two parties doing business can easily encrypt using PublicPrivate keys before the data goes to the Blockchain.
Therefore while the encrypted data is available, only parties with the correct private key can see the data. Private chains such as Corda and Hyperledger also allow the creation of channels where data is only available to relevant parties. DLT technology provides many ways of implementing security – Also as we all know – no system is secure – every system can be secured!
3. You’ll be leading a blockchain workshop on the third day of ETOT to help IT practitioners integrate these new tools into their overall IT strategy. Could you give us a sneak peek at what you’ll cover during the session?
We will be looking at existing cases where testing and integration has gone on, also we will address the different ways in which one can test and try the technology perhaps internally or through small agile tech start-ups.
We will also address the many different flavours of Blockchain or just look at the point that Blockchain is in some people's opinions a subset of distributed ledger technology and the word is now used to describe the whole sector.
To find out more about the session, visit ETOT programme’s page here
To learn more about Oliver, click here