The global blockchain energy market is anticipated to reach $6.29 Bn by 2024
Jawaharlal Nehru Technology University Hyderabad to use blockchain technology to stop take academic certificates
Lamborghini to offer blockchain-powered car authentication for its vintage cars
In the past few decades, the blockchain technology has evolved into one of the most promising tools for speed, security, transparency and decentralisation. A lot of industries from banking and finance to healthcare, agriculture, education, and real estate among other sectors has started adapting to this so-called disruptive technology. Additionally, governments such as the Telangana state government and Kerala are also using blockchain for smart contracts, verifiying records and for proving authenticity of documents and people.
Another segment that caught the attention this week is blockchain in the energy segment. A recent report stated that the blockchain in the energy market was valued at $518.6 Mn in 2018 and is poised to grow at a compound annual growth rate (CARG) of 54.09% during the forecast period from 2018 to 2024. In a report titled “Global Blockchain in Energy,” it stated that the market is expected to reach $6.29 Bn by 2024, as reported by BIS Research.
Moreover, the growth is said to be fueled by the increasing integration of renewable energy sources, combined with increasing demand for decentralised power generation. In other words, blockchain technology can be used to create an energy exchange platform which enables secure peer-to-peer (P2P) trading of power within communities, thereby bringing in efficiency and sustainability into the energy distribution. Most importantly, this technology has the potential to minimize power losses, theft and meet the energy supply-demand, seamlessly.
Meanwhile, in India, the ministry of human resource development’s initiative called SWAYAM (study webs of active learning for young aspiring minds) has recently added a…