Using Blockchain for Utility Data
Article by: Shane Hart, CEO, Competers Inc.
Everyone has heard of BitCoin and cryptocurrencies, but the technology behind them is still somewhat under the radar. It’s called blockchain, and it is really a means of sharing and protecting data in a very secure way. In the world of utility data management, the reluctance of companies to share their valuable data has long been a major hurdle. This hesitancy, often driven by concerns about data security and competitive advantage, can lead to significant challenges in preventing damages and improving overall productivity. However, the integration of blockchain technology is poised to revolutionize this space, offering a range of solutions that promise safer and more efficient utility locating and mapping processes.
According to Amazon AWS
“Blockchain technology is an advanced database mechanism that allows transparent information sharing within a business network. A blockchain database stores data in blocks that are linked together in a chain. The data is chronologically consistent, because you cannot delete or modify the chain without consensus from the network. As a result, you can use blockchain technology to create an unalterable or immutable ledger for tracking orders, payments, accounts and other transactions. The system has built-in mechanisms that prevent unauthorized transaction entries and create consistency in the shared view of these transactions.”
Or in other words, it’s a really secure way of storing, accessing and using data. Utility locate data is really valuable, and I think it would benefit from this technology. Here are five ways I think it would benefit us as an industry.