Blockchain

- What is it?

GO Service Event 4.4.2018

Topics

• What does blockchain mean?

• Business possibilities

• Operating principle

• Examples in energy sector

What is blockchain about?

• Blockchain is a technology which enables new possibilites

for storing and sharing data

• Distributed, secure and transparent database or system of

record, ”distributed ledger"

• Designed for exchanging information or assets in a peer-to-

peer network

• Members of the chain can trust each other and the

information on the chain, even though they might not know

each other and might have conflicting intrestsAntti Aarnio3

Centralized vs. distributed

Antti Aarnio4

Blockchains have huge potential

• Payments

• Smart contracts

• Foreign exchange trading

• Stock exchange

• Electronic identity

• Electronic voting

• Register of real estate

• Register of landed propertyAntti Aarnio5

• P2P electricity sales

• Wholesale trading

• Guarantee of origin

• Charging electric cars

There are many kinds of blockchains

• Virtual currency Bitcoin made Blockchain technology known

• Blockchains have many different application areas

• Several different consensus mechanisms and organization options:

Public and private blockchains

Open and licenced blockchains

• Examples of different blockchains

• Blockchain and Ethereum

• Sovrin, Hyperledger and R3 Corda

Antti Aarnio6

Base idea of blockchain technology

Antti Aarnio7

1. A block contains some data, for

example transaction details

2. Based on the data a unique hash

identifier ie. fingerprint is calculated

for the block

3. The unique identifier of the

previous block is added into the

block

The blocks form a secure chain

Antti Aarnio8

• It takes about 10 minutes work to add a new block

• If the contents of the block are changed also its fingerprint will change

– changed identifier will no longer match with the following block

• The whole blockchain is copied ie. distributed to all of its users

Blockchains in energy

Antti Aarnio9

Summary

• Blockchain technology and its applications are still in

very early phase and current implentations are just a

foretaste of what is coming

• Blockchains may change the world as much as the internet did

• In energy business there are many promising

companies and projects which utilizes blockchains

Antti Aarnio10

Fingrid Oyj

Läkkisepäntie 21

00620 Helsinki

PL 530, 00101 Helsinki

Puh. 030 395 5000

Fax 030 395 5196

Thank you!