The future of the energy industry is blockchain

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The transformation that will solve a great challenge of our times

A growing world population means we will face many challenges. The energy industry alone already has two major ones to contend with: increased energy demand, and meeting it with renewable energy sources to avoid further damaging our environment.

Investments in clean-energy sources are increasing. We are now seeing the worldwide adoption of distributed energy resources (DERs) – small-scale energy assets that generate energy, such as solar panels, smart appliances, and electric vehicles. DERs will be vital going forward, especially because they integrate renewables into the existing electricity network.

But as technology evolves and energy systems welcome the digital era, the industry must move from a centralized to a decentralized model, and this presents yet another challenge. Blockchain can make an essential difference here, as it removes the dependence on central management. Blockchain facilitates distributed transactions and offers greater transparency, increased automation, enhanced security, and reduced costs.

Capgemini recognizes the power of blockchain in transforming and disrupting the energy sector. It will contribute in many ways as the technology matures and we approach mainstream adoption.

Blockchain means we will be more prepared to meet the increased energy demand of our population in a sustainable fashion.

Highlights:

  • Blockchain-enabled technology faces some issues before reaching large-scale deployment, but they will be overcome and it will play a pivotal role in the industry’s future
  • Blockchain promises to accelerate timelines, reduce cost and risk, and radically transform the industry’s standard processes and markets
  • Market Research Future estimates the global energy blockchain market could grow to more than $5 billion by 2023

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