In an article for Bloomberg, Navigant’s Jan Vrins says utilities that don’t play a role in this emerging technology risk business consequences
As change proliferates in the energy industry, new technologies are shaping tomorrow’s utility landscape. Blockchain, the distributed, digital ledger, is one of these technologies, and it’s expected to disrupt the status quo.
In an article for Bloomberg, Jan Vrins, managing director and leader of Navigant’s global Energy practice, says utilities that shy away from adopting the technology risk profit loss and relevance.
“It’s changing the entire infrastructure,” Vrins said. “If utilities don’t embrace it and play a role, they will have a slowly sinking business."
Blockchain is a component of transactive energy — one of seven customer-centric platforms Navigant has identified as a path to an Energy Cloud future. Unlocking value beyond the electron, these Energy Cloud platforms will capture a growing share of revenue and power flow away from centralized energy production and bulk transmission. For utilities, this means the time to act is now in terms of reorienting products and business models. Otherwise, according to Vrins, they risk becoming a fringe player in the emerging energy economy.