Key Technology Trends Impacting the Energy Sector

The energy sector has been evolving rapidly in recent years thanks to new and upcoming technologies. 2018 is looking to be a milestone year for the energy industry, with the introduction of many new technology trends that are set to be revolutionary in the sector.

The rise of digital has affected many businesses over the years, and the electricity industry is no exception. With everything from artificial intelligence through to increased technological demands in the home, there are a number of technology trends set to impact the energy sector over the coming months and years.

Growing Cybercrime Threat

Cyber-attacks are increasing in every industry across the globe, and the energy sector is no different. Earlier this year the United States Department of Energy announced it was planning on setting up its own Office of Cybersecurity, Energy Security and Emergency Response to tackle the upcoming security challenges. There is also evidence that hackers have been targeting the energy and nuclear facilities for the last couple of years.

Cybersecurity concerns are one of the most pressing issues within the energy sector, and as companies introduce more complex technology systems, the risk and potential for an attack are increased. Many utilities are upgrading systems to provide a higher level of grid intelligence and better communication with customers devices, opening themselves up to more potential security threats.

The Rise in Artificial Intelligence

Artificial Intelligence (AI) has evolved rapidly in recent years and provided the energy sector with a variety of new capabilities such as machine learning, cognitive analytics, deep learning and robotics process automation. These advances in technology have led to powerful systems that can automate increasingly complex workloads and develop cognitive agents that can simulate human thinking and engagement.

AI can be used in the energy sector to streamline, automate and eliminate processes within customer interactions, taking customer experience to the next level. As well as customer service benefits, AI can also be an excellent tool for customer engagement by giving companies the ability to compute a customer’s smart metre data to develop invaluable insights into their consumption habits.

Blockchain

Blockchain has been on the cards for quite some time and is slowly growing in popularity across a variety of industries. While it is currently limited within the energy sector, the potential of this technology should definitely not be ruled out, in fact, it may end up being invaluable in the industry in coming years.

Blockchain offers a permanent and transparent solution that is entirely digital making it really easy to work with. Within the energy sector, blockchain could potentially be used for easily recording transactions and contacts in a transparent and searchable form. The energy sector involves a considerable amount of customer paperwork and blockchain could provide some significant operational benefits such as easily locating records, detecting fraud and clarifying bill disputes.

3D Printing and Smart Materials

In recent years there have been significant steps forward in 3D printing, particularly with print metals becoming significantly cheaper. This will likely be used widely in the energy sector for the creation and maintaining of equipment and systems.

An increased use of smart materials would also have a significant impact on the energy market, and the use of materials that can self-heal could potentially change the industry altogether.

Digital Transformation in Homes

It is no surprise that there is an increased demand for energy in homes across the world. With technology coming on in leaps and bounds in recent years, the amount of electricity being consumed today is very different from that of a few years ago. The introduction of smart technologies such as smart lightbulbs and smart metres has transformed the way consumers use their energy within their homes, and this is only set to become more complex and readily available in the coming years.

The uptake of smart energy products by consumers has been relatively minimal so far, and according to recent research, 72% of people are unlikely to introduce any form of smart home technology in the next five years. However, the individuals who already make use of smart devices have noticed a significant impact on the day to day running of their homes. Many believe the uptake has been slow as consumers are still sceptical of smart energy products, but the market is expected to accelerate rapidly once the popularity of the technology increases.

The energy sector is set for a rapid transformation for the rest of 2018 and the following years, and those within the industry should be preparing themselves or the upcoming changes and opportunities that these technology trends are sure to bring. Not embracing these new technologies will leave your business at risk of being left behind the curve. At Cyan we have experience of providing transformational technology infrastructures for growing businesses the energy sector. Talk to us today to see how we can help your business.

How Blockchain Gives Transparency to Charity Spending

The future of the financial industry is changing rapidly. Cryptocurrency is no longer an obscure payment system but is now a mainstream economic opportunity for businesses and consumers. With this rise of cryptocurrency comes a great deal of challenges and opportunities for all manner of people, businesses and even charities. With this in mind, what are the risks and benefits that cryptocurrency and blockchain, the technology behind cryptocurrencies, for charities and aid organisations when it comes to trust and transparency?

What is blockchain?

Blockchain is the technology that supports forms of cryptocurrency such as Bitcoin. Blockchain technology creates a ledger of transactions that can be accessed and maintained by all users of the cryptocurrency system, rather than just a single entity or person.

Essentially blockchain is a decentralised public ledger. A bank or financial institution do not hold it. It is accessible by everyone. As well as recording financial transactions, it can record all manner of other information, such as members of the charity, smart contracts, processes and non-financial donations. With this decentralised public ledger, it is no longer about cryptocurrency transactions, but about making organisations, charities and businesses more transparent.

With blockchain, charities have to opportunity to accept both tangible and intangible assets. From a financial donation to intellectual property, blockchain gives charities the opportunity to receive and record all manner of assets and gifts, which could significantly change the function of charities and the way that donors support their chosen charities.

How can blockchain boost transparency and trust in charities?

One of the most significant aspects of blockchain is the fact that it enables total transparency. Blockchain is a public ledger that is accessible to all. Whilst donors remain anonymous, the system is transparent, so you can trace donations and expenditures.

No third-party involvement

One of the ways that blockchain can enhance trust in charities is the fact there is no single entity or bank who oversees and controls the finances. Everyone has access, and there is no requirement for a trusted (or untrusted) third party such as a bank to manage the finances, giving a degree of security.

Donation trail

Another way that blockchain can boost transparency is that donors can follow their donation throughout the blockchain process. This means they can see where their money goes and the end product of their contribution. Providing charities are honest about their financial system, this can give trust to donors, that their donation is actually going to a worthwhile cause and is being used in a preferred manner.

With donations being completely traceable, donors may be more inclined to give more support to charities who are doing noticeable good and spending money wisely. Conversely, this transparency may mean donors stop donating to charities whom they do not believe are spending money appropriately. This, of course, can be entirely subjective to the donor but carries implications of trustworthiness for charities.

Charity regulation

Blockchain supports systems known as smart contracts; these can be set up to ensure that certain stipulations, rules and regulations cannot be broken. This works through an algorithm, making it impossible to violate set terms that are stated in the smart contract. With this in mind, it could certainly make charity regulation much more efficient.

Governance can be conducted through algorithms with transparency always shown. This reduces lengthy and difficult audit processes, which can be both time and resource-draining. Instead, regulations are always enforced, making it impossible to break the rules and, therefore, make regulation streamlined, effective and cost-efficient.

Real-time finances

Annual financial reports for charities can be eye-opening for all interested parties. However, blockchain would allow real-time financial reporting and analysis, further adding to the transparency. Instead of a yearly review, everyone knows the state of the financial affairs at any time which can help instil trust and support. It can also help with crucial decisions for action needed by the charity.

The fact that finances are reported in real-time makes it easier to instigate changes and be adaptable to the financial situation, the level of trust between donors, the charity and suppliers can be enhanced with detailed accuracy.

Charity members

If blockchain technology were utilised to create and oversee charities, then it would be easy for everyone to access their legal entities. It would enable people to see which people are registered for the charity. Individuals could also access the documents of the charity. This can allow people to see who has an overriding interest, or works, in the charity and understand more about the goals of the charity.

Not only would blockchain technology give people a clearer idea of the charity but it can also help to streamline the registration process making it much easier, quicker and cost-effective to manage.

While there are many ways that blockchain technology can help to instil trust in charities, it is these same methods that can make people lose confidence and trust in the organisations too. It is vital that charities start to think about the implications of blockchain in their transparency so that they can be prepared for the future of the finance, regulation and transparency.

What even is a blockchain?

In recent months there has been a great deal of talk about the underlying technology of Bitcoin, blockchain, and its potential to be a huge disruptor. It’s potential uses are cited to be inumerable, with entrepreneurs and forward-thinkers from any and all sectors finding ways that it could be utilised in their area.

But what even is it?

Well, blockchain is almost like an extended and linked database. Many of us have heard of Bitcoins and cryptocurrency. Blockchain is basically a ledger of records grouped together as batches of data called blocks. These use cryptographic validation to link themselves together. Each of these blocks references and identifies the previous. This forms an unbroken chain. With us so far?

Probably not. To simplify it even more, blockchain is like a database that validates itself. What makes it different to other databases is that it exists in multiple locations at one time – it’s said to be distributed across these locations, in multiple locations, so that anybody can maintain a copy of it. Meaning that nobody can tamper with the records.

Accessed from anywhere within the chain, a blockchain will be able to see any and all previous transactions, and when new transactions are added, they are done so irreversibly, and so become another previous transaction that remains on the chain permanently.

A permanent, transparent database existing in multiple locations

If you are still with us, hopefully you will begin to see that a blockchain is effectively a tamper-proof, permanent, community controlled and shared database. Another term for a blockchain is a multiple distributed ledger, or MDL – something which has been around since 1976. So why the change of term? Well, read on.

That’s where the Bitcoin bit comes in

Bitcoin simplified the traditional MDL into the blockchain that we see today – and that everybody is raving about. Bitcoin’s nature as a currency maintained by a community and owned by nobody made blockchain ideal. Through blockchain, Bitcoin was able to be labelled secure, permanent and always trackable.

Where and why would we use blockchains

Simply put, blockchains can be utilised in any instance and in any sector where trust is hard-founded. As a registry within a sector, a blockchain would provide complete and total clarity looking backward for regulators and auditors, simply because all data within it is immutable and permanent.

And it’s not just for the financial too. Blockchains could be ideal as an audit-trail for pretty much anything.

That’s what blockchain is.