27-Dec-18 Zion Market Research Report Explains: Global Blockchain In Energy Market likely to grow to USD 11,899 Million By 2024
Zion Market Research has published a new report. According to the report, the global blockchain in energy market was valued at around USD 208 million in 2017 and is expected to reach approximately USD 11,899 million by 2024, growing at a CAGR of above 78.20% between 2018 and 2024. Blockchain, also know as decentralized ledger technology has no core system or a central server. The authentication of these servers is handled publicly. It helps people to trade energy among themselves. The applications of blockchain in the energy market include payment schemes, grid management, governance risk, and compliance management, energy trading, and supply chain management.
Today, blockchain-based clean energy platform Swytch, announces the successful launch of its platform that offers enterprises real-time visibility into their green energy production data. The platform ensures anonymity and security and uses AI-based predictive technology to create sustainable policies.
Korea’s largest power provider KEPCO says it will use blockchain and other innovative energy solutions to develop its next-generation micro grid (MG), according to an official press release Nov. 19.
KEPCO is a $15.9 billion market cap corporation in which the South Korean government and state-controlled bank hold a majority stake; it has a “virtual monopoly” over power generation and distribution in the country, according to Asia-focused publication Nikkei.
SP Group, a major corporation providing electricity and gas transmission in Singapore, has launched a blockchain-powered renewable energy certificate (REC) marketplace, the company reveals in a press release Monday, Oct. 29.
The platform was unveiled at the ASEAN Energy Business Forum held in Singapore this week. The press release notes that SP Group plans to use blockchain to help the company increase transparency and efficiency.
Energi Mine, the blockchain platform that financially rewards energy-saving behaviour, today announced its partnership with Jem Energy, the renewable energy company specialising in solar energy products. The partnership will see Jem customers rewarded with EnergiTokens (ETK) for purchasing equipment for the generation and storage of renewable energy.
Jem Energy is a solar power specialist that focusses on the technology surrounding photovoltaic cells, offering a range of products from solar panel systems, thermodynamic water heating systems and solar battery storage. This partnership will see Jem customers receive ETK that they can spend within the Energi Mine platform. The tokens can be put towards energy bills, claiming discounts on electric car charging or even exchanged for fiat currencies.
P.S. Read more news in the new issue of our Rising Blockchain Magazine.