Blockchain based utility payment

This is Part Two in my series concerning cryptocurrency and the utility industry. You can find Part One here. Scalability is one of the most pressing issues facing mainstream adoption of bitcoin and other cryptocurrencies. Currently, only about seven transactions per second can happen on the blockchain. This constraint was an attempt to keep the blockchain secure and decentralized. With mass adoption, though, the amount of transactions handled per second needs to be exponentially greater.

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Payments, Payment Rails, and Blockchains, and the Metaverse

Fujitsu will help businesses achieve sustainability commitments and alleviate water shortages through the development of the world's first water trading platform for the exchange of plant-derived water, which is based on the concept of sustainable water offsetting. BWT leverages its patented technology to purify and re-mineralize water that is normally discarded during the production of vegetable and fruit juices and the processing of sugarcane, providing this plant-derived purified water to areas where it often proves difficult to secure safe drinking water.

The new BWX platform will rely on the FUJITSU Track and Trust service, which uses blockchain technology to ensure end-to-end transparency and traceability of processes including the refinement, sales, purchase, delivery and usage of the product. With a planned launch date of April , both companies envision the new BWX platform contributing to the realization of greater safety and security in water trading, and ultimately aim to create an open market in which companies including juice concentration facilities, sugar mills, alcohol distilleries, and beverage manufacturers can sell water purified by the patented Botanical Water process.

The focus of Fujitsu to create a better society through innovation and their breakthrough methodologies are the main reasons for our co-creation journey with them. Food and beverage manufacturers with excess water produced by the Botanical Water process can either put it to circular use as a sustainable ingredient, market it as AquaBotanical plant-based water or offer water credits on the BWX platform as part of their water positive ESG programs and non-financial indicators.

To realize the groundbreaking initiative of net-zero water trading with BWT, we have proposed a private and permissioned blockchain-based platform that leverages the Track and Trust solution. With this solution at the core, our multidisciplinary team continues to build blockchain solutions that support the realization of our customers' management visions and the optimal resolution of global social issues under a global structure of co-creation and collaboration with our bases in India, the United Kingdom, and Japan.

According to the UN, about four billion people — nearly two-thirds of the global population — experience severe water scarcity during at least one month of the year 3. Amid growing interest in the environment and the SDGs, beverage manufacturers are focusing their efforts on reducing the environmental impact of their business through actions like the reduction of CO2 emissions, the conservation of water sources, and the reduction of water consumption at production facilities.

The new BWX platform will deliver unprecedented supply chain traceability using blockchain technology. Manufacturers can sell this water to other food and beverage manufacturers on the BWX platform or put it into circular use at their own facility. Companies that want to use Botanical Water in their factories can purchase it via the BWX platform from the nearest Botanical Water refinery. In this way, companies can lower transportation costs, reduce the environmental footprint of their operations, and ultimately contribute to the achievement of both carbon and water neutrality targets.

For example, companies that use a large amount of water for their business can offset this water usage through the purchase of water credits, which allow them to provide clean drinking water to water-scarce communities and run charity activities through the Botanical Water Foundation not-for-profit organization. Fujitsu is the leading Japanese information and communication technology ICT company offering a full range of technology products, solutions and services. Approximately , Fujitsu people support customers in more than countries.

We use our experience and the power of ICT to shape the future of society with our customers. Fujitsu Limited TSE reported consolidated revenues of 3. For more information, please see www. All company or product names mentioned herein are trademarks or registered trademarks of their respective owners.

Information provided in this press release is accurate at time of publication and is subject to change without advance notice. Water credits: A concept similar to that of carbon credits where companies trade mainly for use in water offset.

When a company purchases water credits to offset its water use in the manufacturing and distribution of products and services, and the same amount of water is donated, it is offset and the company's water use is reduced.

The goals most relevant to this project. About Fujitsu Fujitsu is the leading Japanese information and communication technology ICT company offering a full range of technology products, solutions and services.

Utility applications for blockchain

Utilities are starting to offer customers the option to pay bills by bitcoin or other cryptocurrencies. With the emergence of blockchain and the almost daily announcements of new projects in the energy sector and beyond, the question arises on the wider application of cryptocurrencies and their use for making utility bill payments. If all these projects are to be believed, there is apparently no shortage of investors snapping up the initial coin offerings. However, actual cryptocurrency use appears to be another matter.

The tourism industry and blockchain technology have the potential to vacations, hotel reservations, payment of invoices at utilities.

Utility-backed blockchain platform set for full launch in early 2019

In Part 1 of this series, the fundamentals of blockchain were explained to provide a basis of understanding of this new technology and how it could be applied within the water sector. In the next parts of the series, I intend to describe in greater detail how certain aspects of blockchain would be useful for the water sector and why we should seriously consider integrating this technology as a core component of operations across utilities, cities and basins. Relatively few of us understand the underlying specifics of the internet, can read binary or write code, even though we use computers and have digitised our lives. In the same way, the intention here is not to describe the intricacies of the technology, but instead to build capacity to understand the potential benefits of integrating blockchain technology into the water sector to address some of the key challenges faced in the 21st century in both high and low income countries. It is important to note that the uptake of this technology is still in an exploratory phase and we are seeing in real time what possibilities are arising and how blockchain might yet be used. As for all technologies, it should be viewed as a tool to achieve your goals, not as the goal in itself. The business need is where to start. In the same way that Youtube, blogs and social media have allowed for user generated content in a distributed, decentralised way, blockchain allows people to exchange assets without needing an intermediary. The technological revolution has democratised content by giving individuals access to computation capacity and blockchain is simply the next phase of this.


blockchain based utility payment

In recent years, the energy and utility industry has been transforming itself completely. This transformation has encompassed everything from core business models to the experiences offered to customers. It can partially be attributed to changing business trends, but the decentralized approach proposed by blockchain technology has been the real driver here. The fundamental disruption blockchain is creating is even more relevant within the energy and utility domain, as brokers and middlemen play major roles in the industry.

Introducing Binance Pay function and Merchant Program.

Blockchain in Energy and UtilIties

Home Opinion Rajiv menon. Opinion Fresh takes, in-depth analysis and opinions from our esteemed panel of industry leaders. Blockchain is not Bitcoin, it is a technological movement. Search Google for blockchain and the top results are all related to crypto currencies, mostly Bitcoin. While crypto currency is the most widely known application for blockchain, however, the concept and its associated physical implementations are now starting to prove their worth in many other spheres - including the utility sector. The foundational element of Blockchain technology is a ledger, an immutable record of transactions containing information that multiple parties hold valuable.

Cryptocurrency payments slowly gain ground in India

In recent years there has been increasing hype around blockchain. Media articles abound about it as people search for applications for this promising technology. Since January , blockchain has been the No. CIOs have been under pressure to help guide decisions on if and how blockchain can be implemented in their enterprises. This article serves as a more cautious update to my article on blockchain. The Hype Cycle is a visual aid to help understand the maturity and adoption of new technologies and applications. At this time many producers will shake out or fail. Blockchain may hold great promise but often the technology is being offered as a solution in search of a problem.

Fujitsu provides key technologies for Botanical Water Technologies to launch new blockchain water trading platform to enable safe and secure.

The increasing demand for the Internet of Things and blockchain technology is experienced throughout our daily lives. Blockchain IoT combined can disrupt every industry including Utility. Read further to understand how traditional electricity bill generation process works and how blockchain IoT combined will have a considerable impact on the electricity bill generation.

April 10, The utility industry is facing a number of disruptive transformations in the form of new energy sources, storage, efficiency, and market digitization. One unlikely disrupter is blockchain, known best as the technology behind the digital currency Bitcoin. For the utilities sector, blockchain may have the potential to streamline transactions and cut costs while catalyzing the transformation toward cleaner energy and greater efficiency. But an emerging perspective maintains that blockchain can be most valuable when it enables collaboration, democratizes data access, and solves specific pain points across industries. Nevertheless, we are seeing an important moment for blockchain, where promising pilots are facilitating a better understanding of industry opportunities.

Blockchain has grabbed the attention of the heavily-regulated power industry as it braces for an energy revolution in which both utilities and consumers will produce and sell electricity. If they can seize the moment, centralized incumbents may turn out to be the true disruptors, ushering in a new era of decentralized power.

A cryptographic token is a digital unit of value that lives on the blockchain. There are four main types:. Payment tokens are coins. Their main purpose is to serve as a medium of exchange, store of value, and unit of account. Major cryptocurrencies like Bitcoin and Litecoin are payment tokens. Like fiat currencies, payment tokens gain or lose value based on the laws of supply and demand. Greater demand and lower supply increase value, while lower demand and greater supply decrease value.

Skip to Main Content. A not-for-profit organization, IEEE is the world's largest technical professional organization dedicated to advancing technology for the benefit of humanity. Use of this web site signifies your agreement to the terms and conditions. Exploiting constrained IoT devices in a trustless blockchain-based water management system Abstract: We propose a technological framework based on the combination of the Internet of Things IoT and Blockchains aiming at incentivizing and rewarding more sustainable water management practices in agriculture.

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