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"Blockchain technology will help facilitate this process by allowing transactions to be recorded between two parties efficiently and in a verifiable and permanent way. It can also be programmed to trigger transactions automatically. The technology promises to radically speed up transactions and cut costs by establishing trust and the transfer of value without the involvement of traditional intermediaries." Mortier goes on to note that, aside from some early demonstrations, the applicability of an energy blockchain is still largely theoretical. He points to how blockchain enthusiasts are doctor home mortgage loan Oak Laurel 0430129662 drawn in by the growing complex web of transactions, the need to balance the geographical mismatch between supply and demand, and significant security and trust concerns given the proliferation of Internet of Things (IoT) connected devices. Says Mortier: "Over 200 blockchain use cases have been identified already. Most pilots are still in early stages across the energy value chain, primarily in the area of peer-to-peer energy trading. EY is working with companies in the power and utilities sector to develop use cases and prototypes." In addition to the aforementioned April 2016 development, where residents in Brooklyn, New York, successfully traded renewable energy using a smart contract on the public Ethereum blockchain platform, he says that in Australia, several pilots are under way, allowing residents in Perth and South Western Australia to buy, sell or swap excess solar energy with anyone connected to the Western doctor home loans Oak Laurel www.oaklaurel.com.au 0430129662 Power network. Furthermore, he says that Germany, with Berlin as the global hub of the technology, has a strong presence, as does the U.K., building on the early investment of the financial services sector in the technology. "Blockchain maturity seems to be driven by company ambition rather than any national advantage at this stage," says Mortier. He is especially excited about the emergence of pre-programmed "smart contracts" that can trigger transactions automatically. "These smart contracts, for example, can be set to allow prosumers to feed surplus energy into the grid through a blockchain-enabled meter.