Market research Future Blockchain in Energy Market Expected CAGR 29%. | Page 4

Blockchain in energy market Research Report- Forecast to 2023
The global blockchain in energy industry is segmented based on technology type, platform type,
implementation type, end-use industries, and by applications across the different regions of the world. With
the ability to monitor and facilitate decentralized applications, blockchain implementation in energy
industry is expected to create new business models, such as peer-to-peer energy trading facilities. With
this, customers can choose whom they want to share the energy generated by them and it can be done
without any third party or consortiums intervention. This is highly beneficial, especially in regions and
places where there is more distributed energy sources such as solar power generation and small-scale wind.
Hence peer-to-peer application is expected to show rapid growth rate. Besides, in the energy sector, the
power and utilities operations is witnessing a number of blockchain based projects as more and more
utilities and blockchain players are teaming with investment collaboration to check and expand the
potential of this technology. On the other hand, major oil and gas companies, such as BO, Shell, and Statoil
are all joining forces to create a common blockchain based platform for oil and gas operations. Blockchain
in energy industry has huge potential as it can considerably remove the intermediary processes along with
faster and secure implementation of operations.
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