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The Future of Blockchain Technology in Energy

Jul 06, 2020
byNDAX Labs

The Future of Blockchain Technology in Energy

As the world’s largest countries look to reduce inequalities and costs in their energy markets, the full study “Blockchain Technology in Energy Market” offered a comprehensive review into the future trends and developments of blockchain technology. The report shows that concrete applications of blockchain technology have been gaining traction and usage is expected to increase further.

A peer-to-peer technology, blockchain can give companies the ability to reduce energy inequalities and streamline real-time exchanges, reduce transaction and costs, and enable consumers to directly buy and sell energy. This has a financial usefulness for energy companies looking to leverage and impact capital expenditure, and reduce operating, security and risk management costs.

The study focused on key players using blockchain technology in their energy markets and its future development. The top three are expected to see growth in using the technology with, Europe holding the largest share of the global market (35% as of 2018), followed by the United States (34%) and China (16%). On a global scale, according to HTF market Intelligence Consulting, market size growth of global energy-focused blockchain technology growth is forecasted to reach close to 5000 million US$ by the end of 2025.

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