Ed’s note: Blockchain business cases

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Blockchain is on our ‘most-read list’ this week, with news that Steve Wozniak has launched Efforce, a blockchain-based crowdfunding platform. Efforce aims to enable contributors to support energy efficiency projects by investing in tokenised future savings.

This comes after news that the North American Energy Standards Boards (NAESB) will put blockchain and cybersecurity at the front of its digital technology standardisation drive.

Read more:
Funding energy efficiency on the blockchain
Blockchain gets a push in US energy standards board
Blockchain is dead – long live blockchain!

One of the key commonalities between all of these projects is that they are generally considered complex and can be incredibly time-consuming. This is something that Energy Web and R3 are addressing through a partnership to unlock same-day settlement for grid services for devices, businesses and customers.

This settlement and payment can take up to a year to finalise, but Energy Web is confident they can significantly reduce the timeline with the ultimate goal being ‘same-day settlement’.

Blockchain is being used to manage a multitude of business cases, including management of shared parking and traffic in Seoul and Beijing, or… ensuring better subtitles for Korean and Asian media.

It is anticipated that the blockchain market will grow from $3.0 billion in 2020 to $39.7 billion in 2025. [MarketsandMarkets, May 2020] and is likely to add $1.76 trillion to the global economy by 2030 [PWC].

Do you have an example of how blockchain is being used in your business? What innovative business cases are you seeing for the technology? We’d love to hear from you – write to us at editorial@smart-energy.com and share your insights. Alternatively, you can comment on our Linkedin post.

As COVID-19 infections increase around the world – please stay safe and take care of yourselves.

Until next week,
Claire