Blockchain market in the global energy sector – Forecast for 2023: CAGR to grow to 50% – Smart contracts to witness the fastest growth

DUBLIN – (BUSINESS WIRE) – 17 August 2018 – The report "Blockchain global market in the energy sector – Growth, trend and forecasts (2018 – 2023)" was added to the ResearchAndMarkets.com offer. [19659002] The Blockchain market in the energy sector market will record a CAGR of more than 50% during the forecast period 2018-2023.

The global energy market is estimated at $ 8.9 trillion and is widely monopolized. By incorporating blockchain technology, industry can move from its current centralized architecture to a more decentralized peer-to-peer energy exchange market, allowing consumers to exchange energy within a peer-to-peer market. peer. Furthermore, this also allows greater transparency and security throughout the company.

There are a number of blockchain-based businesses that are already working on tailor-made energy solutions. For example, Electron, which is a British startup and Power Ledger, an Australian blockchain-based energy company, are some of the companies that are working to implement the peer-to-peer energy trading market. In addition, Blox Labs Inc., in collaboration with Sonoro Energy Ltd., initiated the development of PetroBLOX, a blockchain-based intelligent supply chain management platform for the global oil and gas industry.

All these factors combined with growing investments by venture capitalists, microgrid investments, greater acceptance of cryptocurrency, partnerships between blockchain companies and energy companies have helped to drive the global blockchain market in the energy sector. However, the lack of regulation and the presence of open source platforms is hindering the growth of this market.

Key points

Smart Contracts to witness the fastest growth
The United Kingdom bears witness to the fastest growth in Europe

Developments in the market

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