World : Blockchain in energy market growth is impelled by increasing security concerns owing to ongoing advancements in internet connected devices

Blockchain in Energy Market trend will be accelerated by rising demand to achieve balance between energy supply and demand mismatch coupled with increasing security concerns owing to ongoing advancements in internet connected devices. Moreover, increasing deployment of the blockchain projects globally coupled with accelerating investments from various power giants toward its adoption will stimulate the technology demand. For instance, from the second quarters of 2017 till the first quarter of 2018, venture capitals and ICOs invested nearly USD 271 million toward blockchain based applications.

Blockchain in Energy Market in oil and gas sector is expected to witness significant growth in the coming years. Often characterized as a lumbering behemoth opposed to change or innovation in favor of a more conventional manner of operations, the global oil and gas sector has certainly not been immune to the after-effects of the enormous technological disruption and upheaval since the industrial revolution.?Over the recent years, prominent oil and gas companies appear to have sidelined the traditional ways of doing business and seem eager to incorporate new technologies that improve efficiency and profitability.

 

Source : http://technologymagazine.org/blockchain-energy-market-growth-impelled-increasing-security-concerns-owing-ongoing-advancements-internet-connected-devices/

Smart Grid Bulletin August 2019


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