EnergyXchain is creating patent-pending smart contracts and automated blockchain solutions to expedite natural gas transactions.
The United States electric and natural gas utility industry has operated in its present physical form for more than a century; characterized by production, transmission, distribution and consumption.
Over the past four decades the industry has evolved through various policy and regulatory actions to open transaction participation to thousands of parties.
Since the 1990's, digital technologies enabled transaction functions to talk to each other and perform some functions automatically. Despite this progress, "63% of utilities service providers use manual processes to share data and reporting, including paper forms, Word and Excel documents" according to a recent TrackVia survey of utility executives. The majority of transactions still require significant human intervention, remain highly segmented and employ little digital intelligence and security technology available today.
The natural gas industry needs an upgrade.
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