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Research: can the blockchain energy market scale of nearly US $10 billion be reached in the next few years?

Time : 29/07/2022 Author : b9q10k Click : + -
        The application of blockchain technology in the energy field has become a hot topic for industry giants and start-ups, including power trading, energy financing and supply chain transparency. People think that blockchain is an ideal choice in the energy field because it can conduct automatic audit and clearly record power generation and consumption. In the oil and natural gas industry, in order to achieve more reliable and advanced digital systems, especially to improve operational efficiency and safety performance, the data source system is also undergoing comprehensive reform. Blockchain technology is currently one of the main platforms for energy companies to promote digitalization and attract consumers. In recent years, the proportion of renewable energy in the regional energy structure has been increasing. It is imperative to adopt modern power grid management technology.
        In order to expand the use of renewable energy, North America and Europe have vigorously promoted the green energy purchase plan and expanded the application of blockchain technology in the energy field. Although cryptocurrency mining will not only cause energy waste, but also exacerbate global warming, the blockchain itself can also play a positive role. For example, the blockchain technology can be applied to the micro grid field and has great development potential. Microgrid is an energy production network independent of public power providers and centralized power generation facilities, including solar and wind energy. Micro grid suppliers can easily and quickly obtain power supply funds through distributed ledger technology, thus strengthening the decentralization of the power industry and promoting the promotion of clean energy.
        Large utility companies can also conduct large-scale transactions through the blockchain to improve security performance and use efficiency, thereby reducing sales prices. The establishment of the non-profit energy network foundation (EWF) marks the transformation of the blockchain in the energy market. EWF provides an open blockchain platform designed specifically for the operation, regulation and market demand of the energy industry. At present, nearly 100 subsidiaries have joined EWF to help develop relevant applications and promote the development of this emerging technology by providing features and requirements of their respective industries. This will not only promote business exchanges between energy companies, but also promote transactions between consumers and at the micro grid level.
        An innovative product launched last year demonstrated the ability of blockchain technology to promote the development of renewable energy projects. Greeneum's blockchain power platform attracts global investors to invest in wind energy, solar energy, hydropower and other energy fields. The next goal of its management system is to ensure effective production to meet power demand. It is reported that in the first three quarters of 2018, blockchain and start-ups raised about US $3.9 billion in venture capital, an increase of nearly 280% over the whole year of 2017. This technology is widely used in oil, natural gas and other major industrial fields, and the growth situation is rapid. At present, the physical transaction of refined products involves multiple manual steps and procedures, and the same information needs to be input in different systems for data verification.
        By deploying distributed ledger on the blockchain platform, data can be provided to all parties at the same time, thus improving efficiency. Oil and gas companies can use blockchain technology to promote trade, reduce security risks related to document mailing, speed up data access, and improve settlement efficiency. The system helps to promote supply chain management, which is an important part of the daily operation of energy companies. It is expected that there will be a lot of investment in upstream activities in the next few years, so the construction of modern facilities requires a lot of integration of digital processes. The application of blockchain technology in the energy field involves background management and third-party settlement costs. Although having a shared ledger platform can enable different participants to share information, it also brings certain accounting and management risks.
        Oil and gas companies can use blockchain, plant equipment and pipeline sensors to track real-time production and automatically process customer invoices. Specifically, the sensor obtains data through multiple channels, and these data will be accurately charged according to the executed contract. Blockchain is excellent in accuracy, security and transaction speed, greatly reducing the company's costs. In the next few years, in order to support the sustainable development plan, the output of renewable energy will be greatly increased, and the oil and gas companies will also greatly improve the operation efficiency and safety performance. Therefore, the blockchain technology will develop rapidly in the energy field.
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