Blockchain in Energy Industry 2019
Blockchain technology aids in streamlining activities and strong protection that concern a decentralized business framework, as the energy sector is observed to transform its activities from a centralized system the market for blockchain in energy in the coming years. Elimination of need for services such as energy brokers, switching websites, and energy efficiency advice suppliers via third-party intermediaries are possible with blockchain technology. This significantly accelerates processes in the energy sector and cut-down cost of operations. Thereby, dictating a profound market growth. In addition, blockchain’s merit of flexibility can boost the market growth. Blockchain technology in the energy assists in managing the mounting complexity, data breach, and ownership.
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A memorandum of understanding signed by Sinochem Energy, a China-based energy company, and Royal Dutch Shell PLC, a British-Dutch oil and gas company, and Macquarie Group Limited, a multinational independent investment bank in Australia to build a blockchain platform for crude oil trading.
The global market blockchain in energy has been segmented by platform type, technology type, application, implementation type, and end-use industries.
By technology, the market has been segmented in hybrid blockchain, closed blockchain, open blockchain, and consortium blockchain. The Closed blockchain segment is to dominate in the market as it restricted accessibility, hence greater security.
By platform type, the market has been segmented in hyperledger, ethereum, interbit, tendermint, and others. The Ethereum segment is to lead in the worldwide market. It capability of seamless execution of smart contract function within a decentralized ledger boost the segment expansion.
By implementation type, the market has been segmented in industry-specific and service and development platforms. The Service & Solution segment to hold market’s major share. Fluctuation in demand for energy, need for improved personalized customer service, and operating costs management solutions by blockchain mark a robust growth of the segment.
By end-use, the market has been segmented in renewable energy, power and utilities, and oil and gas. Increase in number of transactions from renewable energy suppliers to smart contracts to augment the Renewable Energy segment expansion.
By application, the market has been segmented in grid management, energy trading, control & security, payment schemes, and supply chain & logistics. The Energy Trading segment to gain traction for the market. Energy Trading enables operators to develop their desired closed blockchain ecosystem to control the entire transaction lifecycle process of payments and back office settlements.
Detailed Regional Analysis
By region, the market study covers Europe, Asia-Pacific, North America, and the Rest of the World (RoW).
North America to register robust market expansion owing to availability of latest technologies and several tech-giants residing in the region. Followed by Europe, the blockchain technology in energy market to attain considerable valuation over specified time. In the Asia Pacific, the market is noted to surge.
Power Ledger Pty Ltd, Enosi Foundation, LO3 Energy, Inc., WePower UAB, Grid +, The Sun Exchange (Pty) Ltd., BTL Group Ltd., Conjoule GmbH, and Electron (Chaddenwych Services Limited).
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