Blockchain - back to the basics

Summary

Blockchain is a secure database shared across a network of participants. It allows for the permanent, immutable, and transparent recording of data and transactions. The basic idea behind blockchain is pretty simple, and it has major potential to change industries from the bottom up.

Following the recent developments ranging from the collapse of FTX, the free fall of crypto currencies and NFT markets, it is likely meaningful to take a step back and remind ourselves what blockchain really is, how it works, how value adding business applications could look like but also where the risks and challenges are. This McKinsey article is a good starting point. At EEIP we will further elaborate on the various application opportunities in the area of the energy transition, from 24/7 green electricity certificates of origin to energy communities or driverless cars.