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Blockchain in Energy Market Growth to be Benefited by Technological Advancements

 

Blockchain in Energy Market: Introduction

Blockchain is a decentralized ledger technology that can be applied to the energy sector. In the energy sector, blockchain enables the trading of energy. Blockchain is expected to enable a fundamental shift in the distribution of energy. 

Blockchain technology, when attached to a crypto currency, allows public members to trade freely and encrypts all transactions in a virtually unbreakable way. All transactions are recorded on a shared ledger without the interference of a third party such as bank, stockbroker, or any energy company. Furthermore, many aspects of the energy revolution are expected to suddenly become connected due to blockchain technology. For instance, townships or counties could tie their own small grids to individual solar systems. Smart appliances could be connected to specific energy management programs, which could provide real-time data about these secure systems.

Global Blockchain in Energy Market: Overview

The global blockchain in energy market can be segmented based on type, component, end-user, application, and region. Based on type, the global blockchain in energy market can be classified into private and public. The private segment led the blockchain in energy market in 2017, as the private sector provides more security as compared to the public sector for users of blockchain technology. The blockchain technology in the private sector is completely operated and controlled by a single organization. In this sector, only predetermined users can make and verify transactions. The blockchain technology in the sector runs significantly faster and exhibits greater efficiency.

In terms of component, the global blockchain in energy market can be classified into platform and services. The services segment dominated the blockchain in energy market in 2017, as most companies are planning to tie up with various blockchain start-ups in order to implement blockchain operations such as grid management, energy trading, and supply chain management. Based on end-user, the market can be segmented into power and oil & gas. In terms of application, the blockchain in energy market can be categorized into energy trading, grid management, payment schemes, and supply chain management.

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Global Blockchain in Energy Market: Trends & Developments

Global energy prices are influenced by the availability of renewable energy at low costs, which has influenced the blockchain in energy market positively. Companies operating in the blockchain in energy market offer customized energy solutions to fulfill global energy demands. For instance, Elec-Tron, Inc., a major player in blockchain in energy market, planned to contribute to various developments in this blockchain based supply chain management and smart agreement platforms that are used in the oil & gas sector.

One of blockchain technology’s extremely promising use cases is renewable energy independence and trading on the global level. The world is shifting toward renewable energy and moving away from the use of gas, coal, and petrol. Therefore, blockchain becomes a key way to connect renewable technologies, grids, and devices to people and communities. Blockchain functions as a public ledger that can take inputs such as amount of energy produced from smart devices such as solar panels. It records these inputs, assigns a price, sends it to smart homes via grid, and records incoming payments for energy purchased.

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Global Blockchain in Energy Market: Regional Outlook

Europe dominated the global blockchain in energy market in 2017, owing to a significant number of project implementations and the presence of blockchain start-ups in the region coupled with the incorporated regulatory support from the European government. Germany and the U.K. are major countries of the blockchain in energy market in the region. Factors such as increasing investments toward the adoption of blockchain platforms in the region are driving the blockchain in energy market in Europe.

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Global Blockchain in Energy Market: Key Players

Key players operating in the global blockchain in energy market include Microsoft, Accenture, IBM, Infosys, and SAP SE. The leading players are adopting various strategies to increase their shares in the blockchain in energy market. Other players in the market include BigchainDB, BTL Group Limited, Deloitte, Grid+, Infosys, Nodalblock, AWS, Oracle, Power Ledger, WePower, and Lo3 Energy, Inc.

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