Blockchain for Energy

Blockchain for Energy

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Blockchain technology in the energy market is predicted to hike from USD 200 million in 2018 to around USD 18 billion by 2025. (Global Market Insights Inc).
Improving efficiencies for power grid utility providers and wholesale electricity distribution is seen as the most promising use of blockchain. This covers grid decentralization, Peer-to-Peer energy trading and electricity data management. Blockchain also offers opportunities for new business models with real-time data management in energy markets, carbon credits trade, renewable energy certificates etc. In oil and gas, IOCs can better secure privacy and trade secrets giving selective access to data to pre-approved parties whether in exploration, refining, transport or trade.  The complex activity of oil trade also benefits from Blockchain where a complex network of refiners, tankers, governments, and regulatory bodies etc. can share information and remove process inefficiencies. 

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