The adoption of blockchain technology in the energy sector will generate over $3 billion by 2025 owing to an increase in deployment in the power, oil and gas sectors, according to Global Market Insights. Worldwide, the deployment of blockchain technology in energy-related applications has become a trending subject of sorts among industry giants as well as the start-up investor community, with applications ranging from grid transactions, financing and transparency in supply chain. Advancements in the technology have resulted from widespread efforts to replace outdated and less secure trading and documentation platforms through digital transformation. Blockchain is deemed ideal for the energy segment since it can enable the creation of automated, auditable and transparent records of generated power and its subsequent consumption. Even in the oil & gas industry, legacy systems are being overhauled for implementing more reliable and cutting-edge digital systems, particularly to improve operational efficiency and security. Blockchain is now pegged as one of the prime technology platforms to help energy companies achieve their digitization goals and reach a higher number of consumers. In recent years, more and more endeavors have been taken up to increase the contribution of renewables in the overall energy mix of power grids across regions, making it essential to adopt modern grid management technologies. To support the consumption of renewables, numerous green energy purchase programs are being developed for general consumers and applied throughout North America and Europe, expanding the scope of blockchain technology in energy segment.

Blockchain in the Power Segment: Using distributed ledger technology for easier, secure energy transactions

Although cryptocurrency mining in particular has been accused of wasting energy and could probably push global warming further if performed on an enormous scale, blockchain technology itself can be utilized in a positive way. One promising area of application […]