Blockchain Use Cases for Energy Markets

In this article we’ll cover the growing demand for Blockchain as a Service (BaaS) and look closely at several blockchain use cases in the energy market.

Blockchain is indeed a revolutionary piece of technology. It enables a type of transaction that operates on a “peer-to-peer” system. Using this, every participant within a network has the ability to transact directly with every other network participant. And they can do so without the involvement of a third-party intermediary.

Blockchain technology has a hand in helping to reduce energy inequality and inefficiency. What’s more, it has the capacity to encourage consumers to directly buy and sell energy from other consumers. Energy companies are able to leverage blockchain to impact an array of fields. These include the likes of capital expenditure, security, operating costs, and risk management.

Continuously growing demand

There is a noticeable increase in the adoption of concepts such as ‘blockchain as a service’ (BaaS). This surge would lead to the creation of various growth opportunities, particularly for the companies operating within the market. In the past few years, the demand for blockchain technologies would experience a dramatic rise. This is largely due to its remarkable properties and its inherent ability to allow optimal business operations.

This increasing demand for BaaS will undoubtedly have an impact on the market’s growth in the years to come. Rising government investment – as well as initiatives regarding the use of blockchain in several industrial domains – will only continue to fuel the demand. And not just in one or two locations; it will extend across the entire world.

A report focusing on blockchain technology has proven to be a valuable foundation of insightful data. This information is crucial for decision-makers to formulate business strategies. Specifically, those that relate to key trends, R&D investment, sales and growth, technological advancement, and emerging market, among other factors.

At this point in time, the COVID-19 outbreak is having an influence on the way the world operates. Luckily, this report covers the impact this pandemic is having on leading companies in the blockchain technology sector.

What is the report?

The ‘Global Blockchain Technology in Energy Market’ report is an investigative study of the market. Moreover, it functions as an analysis of each and every one of its essential segments.

The construction of this report is done so with exhaustive primary and secondary research. The generation of this insightful data from the market stems from interviews and data assortment from experts and professionals in the industry. As a whole, the study is an extensive document consisting primarily of the key aspects of the markets. These include the following:

  • Trends
  • Opportunities
  • Challenges
  • Segmentation
  • Growth prospects
  • Competitive analysis

The report has of course received updates in light of the impact of the COVID-19 outbreak. The pandemic has had various effects on the key segments of the market. Subsequently, it would go on to completely alter the growth pattern and demands in blockchain technology in the energy market. The report covers a wide-ranging analysis of these particular changes. Furthermore, it provides a precise forecast speculation of the market growth following the pandemic’s influence.

In addition, the report produces a comprehensive overview of the overall competitiveness of the landscape and provides an in-depth analysis of these factors:

  • Company profiles
  • Product portfolio
  • Revenue estimation
  • Gross margin profits
  • Market size and share

Not only that, the report examines the strategic initiatives that the companies use for expansion. Specifically, concerning the size of their market, their customer base, and also garner revenue. The report evaluates key industry trends and sales, as well as distribution channels.

What does it cover?

The extensive analysis of the report covers the vital players in the market. Likewise, it covers their business overview, strategies, and plans of expansion. The key players that the report primarily studies include:

  • IBM
  • Microsoft
  • ConsenSys
  • Infosys
  • Power Ledger
  • Electron
  • Accenture
  • Drift
  • Btl Group Ltd.
  • LO3 Energy Inc

The report offers a thorough analysis of the insights into global blockchain use cases within the energy market. Moreover, it provides an exhaustive analysis of both the market segments and sub-segments. It covers sales and revenue examination of blockchain technology operating in the energy industry.

Put simply, this report is a vital tool in blockchain analysis in this particular market.

blockchain use cases

Blockchain use cases in energy support renewable power initiatives and drives market growth

There is an expectation for the deployment of blockchain technology to experience quick growth in energy. Likewise, it will witness a boost in the utilities sector. Growth in these industries is thanks to the increased generation of renewable energy to support sustainable initiatives. The same notion apples to attempts from oil and gas players to amplify operational efficiency and security.

There are many start-ups that are showing an attraction to blockchain use cases in energy. Whether it be at enterprise levels or consumer levels, this will contribute to blockchain’s growth in the energy market. A decrease in dependency on fossil fuels will certainly help boost blockchain technology use cases in energy utilities. Plus, the growing independence of the local grid from outside energy sources in the long term will also help the increasing demand during the forecast period.

Over in Europe, for example, there are several utilities proposing green purchase programs. Ones that will effectively allow customers to purchase renewable energy from renewable energy projects. Similarly, they could buy bundled energy credits.

Power utilities have the ability to further develop the production, distribution, and consumption of electricity throughout blockchain technologies. The introduction of blockchain solutions with designs specifically for electricity grids and decentralized producers of renewable energies are frequently generating massive data. This, in turn, supplies valuable assistance for energy companies.

Efficiency in air cargo

The energy market isn’t the only field that is gradually incorporating blockchain into its system. Air cargo is another market that is taking an interest in this technology.

The coronavirus outbreak would bring global supply chains to their knees, to put it lightly. Many critical companies had no choice but to shut down their operations due to economic issues. According to International Air Transport Association (IATA) figures, there was a 27.7% drop in demand within the global air freight markets in April. This is a stark contrast to the same period last year in 2019. Overall, it is the sharpest year-on-year decline on record.

This in addition to a substantial capacity crunch that extends across the air cargo sector. The capacity is also down by 42% as a result of an array of airlines being grounded thanks to the crisis. The outcome of this storm would lead to longer shipping times and significantly higher costs.

It is important at this point in time to ensure that the movement of air cargo is more efficient. What’s more, easy monitoring is just as imperative. Could blockchain technology be the answer to this enduring issue? Well, it’s already undergoing deployment in other industries to make supply chains more transparent. With that in mind, it’s certainly possible, but time will tell.

A secure solution

Multinational information technology company, SITA, and Canadian trade association, ULD Care, recently entered a partnership. This is part of a larger effort to explore the usage of blockchain as a way to digitally track air cargo containers, or unit load devices (ULDs). This exploration will stretch across their entire journey and the two firms are betting big on their prospective platform.

The project assembles part of SITA’s Global Blockchain Alliance. This effort is observing the technology’s potential to completely change the air transport industry for the better. With the impact of COVID-19, making the switch to blockchain has the capacity to help accelerate air cargo’s recovery. SITA vice-president for portfolio management Andrew O’Connor, elaborates on this idea with the following:

Blockchain will help reduce costs related to tracking these assets and bring greater visibility and collaboration among all stakeholders as to where the assets are – and in whose hands. It will also reduce the time to process the tracking and change of ownership of the assets.”

SITA and ULD Care would start to look at a new blockchain system during the previous spring season. According to O’Connor, the core intent is to make use of all data points across an air cargo journey. In turn, it will provide a platform that aggregates and processes ULD data in a manner that’s both reliable and secure.

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