According to the report released by Zion Market Research, the adoption of blockchain in the energy sector is expected to grow rapidly within the next six years, increasing by as much as 78.20% by 2024. Among the current blockchain applications and real use cases in the energy market are payment, governance, grid management, compliance management, energy trading, as well as supply chain management.
The main reason for the rapid adoption of blockchain in energy is the increasing power demand across the globe, the report cites. The systems built on blockchain are faster, more transparent, and also more secure, as they don’t involve any intermediates. According to the report, blockchain technology in the energy sector is on the path to experience a major growth in Europe next year.
The current market dominators are U.K. and Germany, but the areas of influence are likely to become wider spread in the coming years. The report explains the rapid development of blockchain in the European region with the number of blockchain startups located there, as well as the fact that major energy firms in this region are faster to adopt blockchain solutions in billing, electric mobility, decentralized power production, and even retail sales.
According to Zion Market Research, North America will become another trendsetter in the blockchain energy use cases. The U.S. government has just announced a hefty investment of around $22 million to various products in the blockchain field. Additionally, a number of the American energy industry leaders, including Drift and WePower, are also involved in various blockchain innovations, moving forward the energy market growth.