Power sector shareholders are testing blockchain technologies to foster the energy-value chain. This experiment covers the transparency of grid integrations of the energy blockchain, electric vehicle charging, and so on. Even though there are lots of energy-blockchain products and services that have been developed for commercial purposes, most of them are still in their juvenile stages.
New research from a Colorado-based consulting team called Navigant Research recently revealed that energy blockchain application is likely to surge in the next decade. The research title: “Energy Blockchain Applications Overview,” provided a study of the blockchain market in different regions; also forecasting that energy blockchain applications will produce $19 billion in cumulative revenue in the next ten years, thus attaining $7.7 billion in annual market size at a CAGR of 66.9 percent.
Furthermore, Navigant Research stated that the new energy blockchain applications would target areas or regions with zero barriers to market entry, such as Europe and the U.S.
Again, Europe and North America will likely take the forefront in the predictions, and the Asia Pacific region will take the lead globally in 2027, according to the study.
The research analyst at Navigant Research, Johnathon de Villier, talked on the growth of the grid system when it becomes digitized, distributed, and decentralized to boost transactions between regions that uses the grid.
Johnathon de Villier also added that blockchain, as a distributed ledger technology, could be the structure for evolving markets by being the source of information management as well as decreasing the cost of transactions.
Navigant Research is a dedicated team that provides studies and benchmarking services for emerging and highly-regulated industries and sectors worldwide.