The global energy market is estimated to be USD 8.9 trillion and is largely monopolized. By incorporating blockchain technology, the industry can move from its present centralized architecture to a more decentralized peer-to-peer energy trading market, thus allowing consumers to trade energy within a peer-to-peer market. Further, this also allows more transparency and security across the enterprise as well.
Blockchain Market In The Energy Sector Market is expected to register a CAGR of over 50%, during the forecast period 2018 – 2023. The scope of the market covers the solutions and services of the blockchain technology.
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Some of the major players of the market are:
Amazon Web Services, Inc., Ibm Corporation, Microsoft Corporation, Sap Se, Ripple Labs Inc., Capgemini Se, Chain, Inc., Earthport Plc, Bitfury Usa Inc., Btl Group And Alphapoint Corporation, amongst others.
There are a number of blockchain-based enterprises that are already working on tailored energy solutions. For instance, Electron, which is a UK startup and Power Ledger an Australian blockchain-based energy company are some of the firms that are working to implement the peer-to-peer energy trading market.
Also, Blox Labs Inc., in partnership with Sonoro Energy Ltd., has commenced development of PetroBLOX, a blockchain-based smart contract supply chain management platform for the global oil and gas industry. All these factors coupled with the growing investments by venture capitalists, investments in microgrids, greater acceptance of cryptocurrency, collaborations between blockchain companies and energy corporations have been instrumental in driving the global blockchain market in the energy sector. However, the lack of regulations and the presence of open source platforms is hindering the growth of this market.
Smart Contracts to Witness the Fastest Growth
While the deployment of cryptocurrencies is an alternative to other digital payment systems, the use of smart contracts is far more sophisticated, such as bonds, mortgages, and property transactions and peer to peer trading among others. Smart contracts, can reduce labor costs, reduce manual and semi-automated processes, reduce capital costs through faster settlements, and reduce technology costs by decreasing dependency on redundant systems.
It has the potential to enable company savings in the range of 30 – 60%. With the aim to streamline processes and the increasing adoption of automation across the energy sector has created opportunities for the deployment of smart contracts.
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United Kingdom to Witness Fastest Growth in Europe
The blockchain market in UK is buoyed by government initiatives which includes the investment a total of EUR 19 million in projects which will result in new products or service in the fields of emerging and enabling technologies, including using distributed ledgers. Prior to this, Innovate UK was also funded with EUR 248,000 to a blockchain startup to develop a cross-border financial transaction tool.
Further, with an increasing focus on deployment of smart grids and smart meters aimed at fulfilling the country’s 2020 goals, there has been a drive in the adoption of blockchain technology. For instance, Centrica, the United Kingdom’s largest supplier of residential energy has partnered with LO3 Energy to initiate a pilot peer-to-peer renewable energy trading program to mitigate the impacts of renewable energy curtailment. All these factors have been instrumental in driving the market for blockchain in the energy sector in the country.
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Table of Contents:
2 Blockchain Market Research Methodology
3 Executive Summary
4 Blockchain Market Dynamics
5 Blockchain Market Segmentation
6 Competitive Landscape
7 Blockchain Market Opportunities And Future Trends
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