Energy industry trends have been witnessing a wide deviation towards the emerging blockchain technology which has been steadily but successfully making its niche in this business domain. The technology that was originally made to facilitate cryptocurrency has made its advancement to the most crucial and high profile sector of energy. This is one exceptional sector wherein all the players are big shot companies and have a multibillion-dollar operating business.
It is speculated that the top players of this domain are looking forward to developing a unique transactive app which will digitize the energy systems. Such energy applications will convert the systems into a decentralized and decarbonized platform wherein the renewable energy resources such as wind, solar, heat pumps, electric vehicles and stationary storage systems will play a major role in the day-to-day lives.
Apart from this, blockchain plays a vital role in the transaction which happens in a decentralized network which is very effective, efficient and secure. This facilitates a new business models for energy industry trends that offers flexible trading between consumer, network operator and producer in the chain. The foremost utility of such a system can help in amplifying entire future energy networks, asset and project financing. In simple words, this is nothing but an accelerated commercial deployment of blockchain in the energy industry. as mentioned by Siemens.
One such intuitive is taken by Siemens’ Divisions Energy Management and Power Generation Services who have collaborated with Energy Web Foundation (EWF) for integration of such transactive applications via blockchain. The main objective of Siemens is to highlight the future of blockchain driven systems which will help in new prosumer-centric use cases, transactive apps and operations.
Energy Sector Adopts Blockchain Technology
Unquestionably, it stands true that blockchain has made a special place for itself in the energy sector within a short span of time. A leading market research company, Technavio unveiled some ecstatic figures about the use of blockchain which will see a massive increase of 65 percent growth from 2019 to 2023, as mentioned by Live Bitcoin News.
The given energy industry trends are possibly going to add some more exciting pointers in the near future which will reform the energy sector completely.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]