Bitcoin Technology Harnessed to Push Electricity Revolution
- Utilities adapting blockchain accounting system for the grid
- Pilot program to record output from power plant by year end
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Bitcoin technology is starting to seep into the electricity business, shaking up the way payments are managed every time a light switch is flipped.
From New York to Vienna, researchers and utilities are adapting the cloud-based ledger system used to track bitcoins as a replacement for slower administrative systems that require constant human input and multiple spreadsheets. Once set up, the database, called blockchain, automatically records individual actions within a system, formats them, and stores the results in a secure online listing available to anyone anywhere with access.