Blockchain in Energy: A Disruptive Wave on the Horizon
Since the revolutionary release of the Bitcoin white paper a decade ago, the applications of blockchain technology have increased in a tremendous manner. The growth of the technology was fuelled by the billions of dollars invested through private funding and a considerable dose of hype.
The solutions offered by blockchain technology have transformed the retail, finance, and the healthcare scene. Gradually, the disruptive effect of the technology has caught fire in the energy industry as well, despite the initial resistance posed by the energy industry. There are various claims concerning the potential scope of the technology in fixing problems with the complexity of data from energy sales and sharing.
The technology boasts the ability to ensure open as well as effectively timed exchange of energy for value, thereby restoring the trust between the suppliers and the consumers. The solutions brought-in by the technology will bring forward an increase in terms of the competition level among the service providers and a subsequent drop in service costs.
Needless to mention, the potential of the market in the coming years is huge. Market Research Future (MRFR) realized this potential and conducted a market study to gain a proper understanding. The study report revealed that the global market value is expected to jump from USD 180.3 million in 2017 to a striking figure of more than USD 5000 Million by the end of 2023. The blockchain in the energy market is anticipated to attain a remarkably stunning CAGR of 74.35% over the forecast period between 2018 and 2023.
Impacts of Growth
The implementation of blockchain across the energy industry holds a massive impact on capital expenditure, operating costs, security, and risk management. This makes the technology extremely popular among industry leaders. Blockchain offers the distinctive advantage of unmatched security, one which is driving the demand for the global market. The potential scope of the technology can revolutionize the entire energy industry as it holds the ability to be flexible and keep up with the changing patterns in the energy industry. Some of the other driving factors of the blockchain in the energy market include the increasing demand for automation in the energy sector and the booming growth in decentralized energy generation.
Europe Leading the Global Charts
Among the segmented regions, the blockchain in Energy market is led by Europe. This is due to the forward-thinking approach of adopting blockchain in the industry at an early stage. The rising investments made in this technology are encouraging blockchain platforms to provide substantial reductions in operating costs, security, and transparency.
North American region stands tall as the second-largest segment globally. The use of blockchain technology is expected to strikingly curb down costs and solve complications related to data management.
The development of various new business models, venture investments made in start-ups, and research activities made in blockchain technology are some of the primal strategies being employed by the players in the market. Some of the players identified in the market are as follows: Electron, WePower UAB, BTL Group, Enosi Foundation, Power Ledger Pty Ltd, Grid +, The Sun Exchange Pty Ltd, Lo3 Energy, Inc., Conjoule GmbH, and others.
May 2019. TEPCO, the biggest power company in Tokyo, is using blockchain distributed technology in order to assess how customers on its new renewable energy tariffs could use solar, EVs, and batteries to trade energy through the gird.
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