The Port of Rotterdam, the largest ferry port in Europe, has announced that it will begin testing its new blockchain platform for energy trading.
The port and the city had announced the blockchain program eighteen months ago with the creation of BlockLab, a cooperative development group.
The platform is designed to coordinate the use, supply, and demand of energy at the port and between organizations that use it.
The goal is to allow local businesses to autonomously choose energy suppliers, times, and rates — increasing efficiency.
The platform is not yet live but will begin its test phase shortly. BlockLab’s announcement states that the system is ready, in principle, and calls for testing to begin at any time.
Port of Blockchain
While not the most illustrious use case, commodities like energy sources lend themselves nicely to decentralized systems.
By providing increased autonomy and use on the platform, the port is hoping to streamline a complex process.
At the same time, the company is aware that the solution may not be the endgame for the port. Blockchain technology is just one methodology but it provides a system that deals with the root issues. BlockLab’s logistics lead, Aljosja Beije, stated:
Many solutions are, in principle, also possible without blockchain. But where do the solutions lie? Blockchain is certainly not the solution to everything, but it can tackle the problem of trust that stands in the way of solutions.
Expanding Blockchain Use Cases in the Energy Sector
The adoption cycle for cryptocurrencies and their underlying technologies has only continued to expand. As the industry moves forward, additional adoption metrics have indicated that applications in finance, business, and supply-chain management are forthcoming.
As the technology underlying Bitcoin (BTC), distributed ledger technology’s decentralized structure has already made waves in finance. By removing required trust mechanisms through decentralized technology, the blockchain promises to revamp a number of industries in a similar way.
Do you think the port of Rotterdam’s adoption of Distributed Ledger Technology or DLT is an electronic system or database for recording information that is not run by one... More is just the beginning of increasing decentralization in other industries or is this use case an anomaly? Let us know in the comments below.
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