Bitcoin tech harnessed to push power revolution

Frankfurt

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.

The need for such speed? Utilities are shifting away from a century-old arrangement where they monopolised both supply and distribution. Now, independent wind and solar farms are feeding into power grids in short, sometimes unpredictable intervals that require transaction systems to be more nimble and decentralised. Utilities inc…