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Jyoti Singh
Apr 2, 2020
by Jyoti Singh

Blockchain Value In Energy Market Will Top $35 Billion By 2025

Energy Market
The Premium Market Insights (PMI) recently released a report stating that by the year 2025, the global investment in energy market’s blockchain technology would reach $34.7 billion. In the year 2016, the energy market’s recorded value was $156.5 million. At that time it has been predicted that every year the market value would grow at the rate of 82 percent.

Energy Market’s Net Worth Is Higher

If compared to the energy market as a whole whose net worth is of 1.85 trillion, the value of blockchain technology in the energy market is not very high.

Companies that have been using the blockchain and DLT technology are  Accenture, AWS, Bigchaindb, Deloitte, IBM, Infosys, Microsoft, Nodalblock, Oracle, SAP, Enosi, and Electron.

The energy market uses the blockchain technology for managing data, tracking finance and interaction.

A report suggests that as the automation market is increasing rapidly, soon it will adopt blockchain for data security and integrity.

In the present year, the growth rate of the energy market might face some disturbance because of the oil crisis and COVID-19 pandemic

Other Collaboration In Energy Sector

According to a report, companies are heading towards blockchain as they could see the energy sector’s future in it. Recently the Power Ledger collaborated with green energy retailer ekWateur to help the French residents by giving them an opportunity to customize their energy mix using blockchain technology. While working on generating energy, the companies would be needing the ekWakteur’s network of over 220,000 electricity meters so that they could connect it with the blockchain-enabled tool.

Even, VeChain who already had collaborated with Shanghai Gas, recently, made the announcement through twitter regarding the next phase of their partnership which would explore the logistic management, energy trade and financing option. The companies are working together to create an Energy-as-a-Service Platform by using blockchain technology.

VeChain provides its blockchain solution to Shanghai Gas via VeChain protocol, which is a public blockchain.

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    Blockchain Value In Energy Market Will Top $35 Billion By 2025
    Jyoti Singh
    Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

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