Utilidex announced today it had been working with Microsoft UK to trial blockchain technology and develop an initial proof of concept to test the technology’s application in buying and selling energy.
Whilst the use of blockchain is fairly new in Energy, Utilidex believes the technology has great potential and has been working with Microsoft to understand how it might be applied to facilitate energy transactions between buyers and sellers, securely on the Microsoft Azure cloud.
“This work is part of our broader ambition to help customers buy, sell and optimise their energy in a very different way” commented Richard Brys, CEO Utilidex, “I think most people are now aware of the changing dynamics of the market, and increasing value in energy flexibility. It’s our ambition to deliver a platform that helps customers manage and capture this value in their estate, in an open, transparent way.”
To date, the blockchain technology has had some very real world challenges in enterprise deployments. But that could all be about to change if enterprise cloud providers start looking at ways to make it easier for companies to adopt the technology.
Utilidex will continue to work on the blockchain technology, and intends to publish some of its recent work with Microsoft, in a bid to demystify the technology and increase adoption in the energy markets.
“There is still a lot of hype around the technology” commented Richard Brys, “ and it is important as an industry that we cut through the noise and get to what’s really possible. We’ll be working very closely from here on in, with our customers and partners, to make sure the great work we’ve done together with Microsoft, now goes onto a successful production platform.”
For more on how blockchain can be used in the energy market, click here.
And to find out more about our partnership with Microsoft and its vision for the future of blockchain, take a look at this featured article on Microsoft News.
Finally for anyone that is interested in reviewing the blockchain work, or learning more about Utilidex’s next stage developments in a platform to buy and sell energy, please contact [email protected]