As Premium Market Insights (PMI) reported, Global investment in blockchain technology in energy markets is set to reach $34.7 billion by 2025, Valued at just $156.5 million in 2016, and the sector is forecast to grow at a rate of 82% a year.
Although $35 billion seems high, it seemingly is not. It’s dwarfed by the net worth of $1.85 trillion for the energy market as a whole. The major key players that are using blockchain and DLT in the field include Accenture, AWS, Bigchaindb, Deloitte, IBM, Infosys, Microsoft, Nodalblock, Oracle, SAP, Enosi, and Electron.
Blockchain technology is not new to energy markets and used within the markets for data management, financial tracking, and interactions. A report suggests that as the automation market is increasing rapidly, soon it will adopt blockchain for data security and integrity.
A report suggests that as the automation market is increasing rapidly, soon it will adopt blockchain for data security and integrity.
According to the report, “The Blockchain in Energy market analysis is intended to provide all participants and vendors with pertinent specifics about growth aspects, roadblocks, threats, and lucrative business opportunities that the market is anticipated to reveal in the coming years. This intelligence study also encompasses the revenue share, market size, market potential, and rate of consumption to draw insights pertaining to the rivalry to gain control of a large portion of the market share”.
However, the growth rate of the energy market might face some disturbance because of the oil crisis and COVID-19 pandemic.
Use Cases of Blockchain in Energy Sector
Blockchain technology has already entered in the energy market. In an announcement on April 1, Australian blockchain firm Power Ledger and French green energy retailer ekWateur revealed that they would be offering almost a quarter of a million French residents the opportunity to customize their energy mix, using blockchain technology to certify its source securely.
Also, Shanghai collaborates with VeChain to develop and roll out a blockchain-enabled energy project. The partnership aims to optimize business processes, reduce operation costs, improve the supply chain efficiency, and build a trust-free “Energy-as-a-Service” ecosystem.