Global Market Insights forecast revenue generation within the market to hit $3 billion by 2025.
Factors driving market growth include:
- Increased loads from influx of electric vehicles
- Burgeoning number of smart appliances along with growing share of variable distributed generation in the grids
- The introduction and implementation of various programmes to accelerate the blockchain adoption
- Enhanced government emphasis toward improving energy efficiency, privacy, interoperability and cybersecurity
For instance, in 2018, the European Commission introduced EU blockchain observatory & forum to encourage the region's cross border engagement with the technology and its various stakeholders.
5. The ability of the technology to lower cost operations and faster energy transactions.
Since 2017, nearly 140 new startups have been introduced and more than 70 demonstration projects have been planned and deployed globally.
Oil and gas blockchain technology in energy market is set to witness substantial growth on account of fewer cost intermediaries, limited overhead cost and reduced cash cycle times.
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Joanna Hubbard, Chief Operating Officer at Electron, provided a deep insight into the latest blockchain technology and how the energy sector is benefiting from this exciting technology. Find out what she had to say below