Blockchain Is Influencing The Power Sector

Posted by Indrajeet on July 29th, 2019

Man always think about nature and try to learn from its principles. The inspiration of Airplanes was taken from birds, robots from humans. Men always see nature for finding solutions for all kind of problems. One technology, which is believed to be inspired by microbes and is actually a solution for various problems is Blockchain. This technology has the potential to influence every industry, from education to finance, manufacturing to power. As per a study by Gartner, it is estimated that Blockchain will add the value of more than 3 trillion USD by end of the year 2030. In this blog, I will tell you how Blockchain is influencing the power sector.
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In the power, the Blockchain technology has to make sure a 5D impact which comprises of digitization, deregulation, decentralization, democratization, and distribution. This can open doors for possibilities ranging from peer-to-peer exchange to building a universal energy ecological system. This is more focused on decentralizing the energy sector, and it would make energy a resource on blockchain through which people can buy and sell power within a peer-to-peer market. Customers and business houses can benefit from the blockchain technology, that lessen transaction charges, increases network clarity and lot more.

Disrupt the existing industry ecosystem

Blockchain can support in meeting numerous demands of the utility industry, as it can work as a foundation stone having the prospect to disrupt the present ecosystem of the power industry. With compelling authenticity and safety in transactions as the core of the technology, it can help in creating permanent records which can help the system by strengthening the bill management system. Moreover, they are also a great help in creating solar renewable energy certificates.

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