Blockchain for Energy
ZMR states how the energy sector is looking for efficiency. They need to maintain an energy demand-supply equilibrium. They rely on web-based transactions, and these are growing in complexity. Data security is increasingly important, which necessitates that the sector must attend to it. The industry has embraced smart meters, however, that increases the need for swift transactions. Smart meters reply heavily on IoT hence all communications are over the Internet. This further increases the need for security. Data management is more critical now. Even more, network management is becoming increasingly more complex.
These requirements make the blockchain technology a natural ally of the energy sector. Blockchain uses modern cryptography to ensure data security. Consensus algorithms make hacking difficult and protect the network. Smart contracts automate the transfer of cryptographic assets. This increases efficiency. Not surprisingly, the blockchain energy sector footprint is set to grow.
ZMR finds that the blockchain energy sector landscape is competitive. There are several start-ups, and they are focusing on innovation. ZMR cites Veridium Labs, Conjoule, Greeneum, and Grid+ as examples. There are more, e.g., Grid Singularity, Energy Web Foundation, and LO3 Energy. The report states that partnerships, mergers, and acquisitions will increase. ZMR also finds that blockchain start-ups are increasingly using advanced technology in their products.
Blockchain in aid of renewables
The report cites the importance of the technology in the renewable energy space. Europe is pushing renewable energy significantly. Several utility giants are headquartered in the continent. Blockchains’ decentralization and immutable records matter in this segment. Trading renewable energy on a peer-to-peer (P2P) basis could very well be where the sector is headed. P2P trading needs transparency and security. Blockchain has high potential here, as the World Economic Forum (WEF) has also noted recently.
For example, Energi Mine, a blockchain start-up is partnering with Electra Commercial Vehicles. They will jointly offer zero-emission services for heavy trucks. The move is significant because of their clear thrust in the renewable energy sector. Blockchain use in this segment won’t be limited to electric mobility. Energy companies need to maintain renewable power origin testimonials where the technology will come in handy.
Energy companies have more blockchain use cases. Network management, billing, and retail sales are a few examples. The United States typically takes the lead with new technologies. It could be a different for blockchain energy sector ventures though since many start-ups operate out of Europe. Especially, Berlin is in an important hub for these start-ups. Europe could take the lead in this segment.
The ZMR report is comprehensive, and it cites several other start-ups. Electron, Power Ledger, WePower, and Sun Exchange are additional examples of start-ups figuring in their report. The report is titled “Blockchain in Energy Market for Investment platform, Solar energy finance platform, Energy trading platform, and Peer-to-peer trading platform – Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2026.” Interested readers can request the report here.