After making waves across the financial services industry, blockchain is now poised to disrupt several other industries. Developers are porting the technology onto new use cases, and the power sector has emerged as an early leader for blockchain development. However, numerous obstacles remain before blockchain becomes a mainstream technology. In this report, we take a deep look at the potential impact of blockchain in the power industry, focusing on power transactions. Additionally, we examine the key players in the emerging blockchain landscape, the underlying mechanisms that make blockchains work, drivers for new blockchain applications, and challenges that blockchain needs to overcome to reach its full potential.