The modern economy is gradually developing and shifting into a virtual economic system. The new digital economy serves as the new model of economic development and redesigns businesses based on utilizing information in b2b relationships. New information and network technologies are becoming significant factors of a globalizing economy and contribute to the rapid transition of the economy from a real economy bound by boundaries to a network one connected by the internet, ensuring digital economy development and innovative business process formation. With the blockchain technology coming into play, the digital economy is set to take a step forward in globalizing the economy. This research explores how the blockchain technology has transformed the digital economy and how this technology can be exploited to make the digital economy an extra mile.

The objective of this exploratory note is to provide an outline of the experimental use of blockchains in the energy sector by local authorities: to what extent can blockchains influence the energy transition of cities? How could this technology help cities and their inhabitants become energy producers and use all or part of the energy produced for their own consumption?

HYPERLEDGER

Hyperledger is an open-source initiative led by the Linux foundation in partnership with significant industrial players like IBM, Cisco, Intel, JP Morgan, SAP, etc. Hyperledger aims to reinforce the use of blockchains in different industries and has been working to that end with players operating in various sectors: the Internet of Things (IoT), finance, supply-chain management, ITC and other sectors.

ETHEREUM

Ethereum is an open-source initiative developed by the Swiss-based Ethereum Foundation. This initiative uses its own virtual currency called Ether. Ether is the most widely used virtual currency after Bitcoin.The Ethereum platform is based on the principle that its blockchain is public and open to all. It can be viewed as a virtual machine designed to remotely supply all the services of a computer, like a distributed cloud.

CONCLUSION

Describing precisely the tangible prospects of using blockchains for local authorities is quite complex, considering that their applications in the energy sector are still at an experimental or pilot stage. And some of these initiatives exclusively focus on the technological aspects, forgetting that blockchain technology is a means and not an end in itself

Blockchain – also known as distributed ledger – technology is set to revolutionise data and business process management and transactions. Blockchain adoption, pioneered initially as a financial technology (fintech) then as a supply chain technology (Underwood 2016), has expanded to public administration, transport, and logistics. Use cases in the former have been reported, but little is understood on its disruption in transport and logistics – including freight and passenger dimensions.

There is rising importance for a frictionless process where mobility of goods and services flow seamlessly between borders. There is a need for closer alignment between transport infrastructure including customs, airports, ports, rail and road. A digital infrastructure including clouds, intelligence management, payment systems, and pass-porting, to support these needs is paramount. This integration can enhance trade relations and transform the global supply chain. It can also transform how resources and capabilities in this environment can become more collaborative in the machine economy.

Cyber-attacks cause a huge losses to buisinesses. Data breaches in the system incur a huge financial losses and evenutually it culminates into the degradation of reputed companies.

    In the recent time after the advent of blockchain technology the picture has changed and this technology has become a promising technology for Cybersecurity also. 

   There is a huge commercial appetite for the Internet of Things (IoT). Almost everything, ranging from furniture to utility equipment, is being fitted with internet-connected sensors. This IOT technology can be configured with Blockchain technology.

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