Smart machines could conduct automated micro-payments when they interact and transact across organisations (or departments in the same organisation), with transactions recorded on the ledger for record-keeping and analysis.
Contracts can be programmed to execute automatically when certain agreed-on conditions are met, after which payments can be made, bonuses awarded, insurance payouts initiated, deliveries dispatched, or any other contract-based actions implemented. The trustless nature of blockchain will make smart contracts especially useful across international borders.
Manufacturers and suppliers could use blockchain to track transactions (and material providence) within supply chains.
Example: Foxconn (electronics manufacturer)
Trustless, blockchain-based CVs that can verify a candidate’s qualifications and experience.
Property deeds, intellectual property, and any other transfer of rights or ownership can be tracked and verified via distributed ledgers.
Allowing connected devices (the ‘Internet of Things’) in homes and offices to interact safely through the encrypted and trustless nature of blockchains.
The energy sector is a particularly active test-bed for blockchain technology, across all areas from energy trading through grid management to consumer supply.
UK-based electron, winners of Initiate! Startup Award for the best startup in the energy sector at the 2017 European Utility Week conference, are developing energy supply solutions based upon the Ethereum blockchain. They have developed an switching process on the Ethereum blockchain that, based upon a simulation using data from 60 energy suppliers and 53 million metering points, suggests that the ability to switch energy suppliers could be made 20 times faster (as quick as 15 seconds).
A second major project is the development of a solution to energy supply flexibility, a need currently constrained by market rules or high transaction costs (an especial issue for smaller energy transactions). Electron’s flexibility services platform will offer a larger-scale, regional alternative to more localised, small-scale P2P energy sharing schemes. The project is being supported by the UK government, Siemens and National Grid.
Finally, Electron are also developing a blockchain asset registry, suitable for the metering registry.