22 BLOCKCHAIN


“Blockchain could be invaluable in complex supply chains, for example, in the agrculture and food sectors”


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lockchain technology is usually associated with bitcoin, the cryptocurrency that is traded outside of the conventional banking system, and consequently


has something of a shady reputation. However, the properties of blockchain, that it is a decentralised, transparent and an incorruptible way of recording transactions on a computer, mean that it has a much wider applications beyond bitcoin. It is this potential that has led to the setting up of BSI technical committee, DLT/001, which is looking at the terminology and data architecture of blockchain and distributed ledger technology, and of ISO TC 307,


currently writing new standards and gathering use cases in the field. Experts from the UK also sit on the international committee. Evidence collected by the All Party


Parliamentary Group on Blockchain has suggested it could be used to improve the efficiency of existing banking systems by automating some processes so they can be carried out more quickly and be much more secure. Blockchain could be invaluable in complex supply chains, for example in the agriculture and food sectors. Before getting into the massive potential


of blockchain though, it is important to acknowledge the potential environmental downside.


“The decentralized nature of blockchain means it can require a large amount of computational power to function, so we have to take that into account.” Said Dr Ruth Hillary, a sustainability expert who sits on DLT/001 to look at the sustainability aspects of blockchain. “However, set against the energy consumption of, for example bitcoin mining, there may be sustainable benefits that the technology could bring,” said Ruth. “One innovative application is the use of blockchain to underpin energy transfer in local decentralized energy markets.” (See ‘Peer-to-peer energy platforms’ page 23)


BLOCKCHAIN EXPLAINED


Ruth Hillary


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