Energy blockchain worth $ 1.4billion and more applications of blockchain in sustainable energy in the near future ." A McKinsey paper identified five emerging sustainability applications for blockchain in the utilities industry .
Energy blockchain worth $ 1.4billion and more applications of blockchain in sustainable energy in the near future ." A McKinsey paper identified five emerging sustainability applications for blockchain in the utilities industry .
1 . Build an ‘ energy eBay ’ Balancing the supply and demand of variable energy sources such as wind and sun is an industry challenge . Blockchain could resolve this by enabling real-time transactions between power generators and storage providers in response to actual supply and demand .
2 . Issue and trade Renewable Energy Certificates
Blockchain technology bases renewable energy credits on actual rather than forecasted energy production . Real-time data replaces costly inaccurate estimates ,
The Global Blockchain in Energy
Market is estimated to be US $ 1.4 billion in 2021 and is expected to reach US $ 5.78 Bn by 2026 , growing at a CAGR of 32.8 %, according to ResearchAndMarkets . com . The major factor driving the growth of the blockchain in the energy market is the decentralisation of power generation . In addition , the rising security concern across the sector and the energy sectors experiencing innovation such as rooftop solar and smart metering energy consumption have been projected to fuel the market . | However , blockchain requires large processing time and data storage capacity , and uncertain regulatory policies are anticipated to hinder growth . The increasing investment in blockchain technology and the rising government focus on environmental sustainability generate opportunities for the market .
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