Forget about Oil, Your Next Car will Run on Ethereum!

Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term is taking over the financial world these days, or so it seems from all the daily announcements, but the technology has the potential to impact on so much more of our economy. The latest example of this comes from the European energy giant RWE which looks to make the blockchain an integral part of its core businesses.

Germany-headquartered RWE has teamed up with Slock.it to explore how charging electric vehicles could be transformed by optimising both human to machine and machine to machine (M2M) transactions.

The first project revealed is an autonomous electric charging station, integrating a smart contract that allows users to rent the station, put up a deposit, charge their car, then get their deposit back. The charging station handles user authentication, payment processing and loyalty point assignments as part of one single transaction - simplifying the billing process.

Other advantages of using blockchain are that it guarantees fraud proof accounting,  as  all the transactions have complete transparency which could help with many regulatory requirements on electric charging stations in the future, and that it simplifies adding new partners by using open APIs instead of impenetrable service oriented architectures.

Beyond all of that, the project aims to get rid of the need for a centralized server altogether. Stephan Tual, Slock.it's CCO (and the former CCO for the Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term project) explains: "RWE makes proper use of the public blockchain by leveraging a shared resource and paying only for what it uses. In effect, they are renting access to the world computer, Ethereum."

Further showing its commitment to supporting blockchain development, RWE is also co-sponsoring an innovation award for the German Tech Entrepreneurship Center. Totaling €50,000 in prizes, the competition is looking for the best blockchain solutions to solve every day problems. In addition, they offer the opportunity to relocate an entire winning team to Berlin (with free office space).