Blockchain Technology in Energy
Monday, 25 February, 2019
A revolution in energy generation is happening. People are increasingly installing solar panels on their rooftops or investing in other renewable energy devices. Blockchain reduces operational costs, provides better risk management and security. Automation is gaining fame this days which needs data integrity and security which is driving the growth Global Blockchain Technology in Energy Market.
Blockchain refers to a decentralized ledger technology. In the energy sector, it will help people to trade energy among each other with unused energy selling to neighboring buildings. The Blockchain have many uses such as facilitating a peer-to-peer energy trading model, propagation of Distributed Energy Grids (DERs) and other independent renewable energy sources like solar panels, development of cryptocurrencies, Smart utility metering system, Decentralized energy data platform, Supply chain and logistics optimization, Asset Tracking, Bill of Lading, Transfer of Title.
The use of blockchain technology to prohibit failure in power grids is identified as one of the major factors driving the growth of the blockchain technology in energy market. The transparency and efficiency of a supply chain in the energy sector will boost the demand for blockchain technology in the energy sector.
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