123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Education >> View Article

Blockchain Application In The Energy Sector Is Offering Cost-effective Strategies

Profile Picture
By Author: Block chain council
Total Articles: 182
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

Blockchain has already disrupted almost all the business niches, its unhackable nature, transparency and peer-to-peer interaction makes it a technology that has the potential to positively influence almost all the business niches. Many companies are planning to explore Blockchain technology and use it for the benefit and growth of the company. When we talk about the application of Blockchain technology, then many sectors are reaping the benefits of the same. In this blog, we are going to explore how are energy companies using Blockchain technology to save cost and enhance efficiency.

Blockchain: the growing technology

It would not be wrong to say that Blockchain has the potential to impact the different business segments; its features like transparency, decentralization, data encryption via cryptography makes it useful for almost every business verticals.
Many companies in the energy sectors have started to explore the use of Blockchain technology. They are focussing on large-scale energy trading systems, project financial supply chain tracking, peer-to-peer trading, and asset management are few of the many applications which the Blockchain technology is being used.

When we talk about the applications of Blockchain technology in the energy sector, then there has been significant investment in this domain. Around 100–300 million dollars have been invested in more than 100 Blockchain applications in the energy sector.
• Peer-to-peer transactions- So how are companies using Blockchain technology. One of the examples of use cases of Blockchain in the energy sector is by those consumers who are producing solar energy. Consumers may need to resell a part of their electricity, turning into prosumers. For this, they may need to resell a part of the electricity to another consumer. With the help of Blockchain technology, they can do this directly, without relying on a third party.

• Commodity and offset trading — One of the first areas where Blockchain can be found useful is the commodity and offer commodity and offset trading. Penalty companies spend a good amount of money on building and accessing proprietary commodity trading platforms which are used for tracking and execution transactions. Instead of relying on multiple platforms, the companies can be used to provide security, the immutability of energy trading.

• Besides, the smart contracts and metering system can improve offset accessibility.

• Eliminating middleman- One of the key uses of Blockchain is that it helps in eliminating the middleman. Presently, consumers purchase electricity via retailers, but with the intervention of Blockchain technology, the consumer can directly purchase it from the supplier without relying on the third party. Thus they can save a lot of money.

Conclusion- These are a few of the use cases of Blockchain technology in the energy sector. Although these changes are at the nascent stage, companies Shell, IBM, and many other startups are exploring new ways of using Blockchain to improve the system.
This will also open up the gateway of opportunities for many. If you too wish to become a Blockchain expert and want to excel, then this is the right time to pick up the certain Blockchain course by Blockchain Council. Not only will you learn about Blockchain technology, but this course will give you a practical learning experience. So, don’t wait any further, and join one of the best online Blockchain certification programs in Blockchain by Blockchain Council.

More About the Author

Blockchain Council is an authoritative group of subject experts and enthusiasts who are evangelizing the Blockchain Research and Development, Use Cases and Products and Knowledge for a better world. Blockchain technology is more than just a technology, which is emerging rapidly with a vast scope in the future. Blockchain acts as a financial network, software, distributed ledger, etc. Owing to this multitude of benefits and features, companies are now shifting their centralized and traditional working system to this trending and futuristic technology “Blockchain”. Blockchain council creates an environment and raises awareness among businesses, enterprises, developers, and society by educating them in the Blockchain space. We are a private de-facto organization working individually and proliferating Blockchain technology globally. Visit here for more details@https://www.blockchain-council.org/

Total Views: 44Word Count: 536See All articles From Author

Add Comment

Education Articles

1. Excelr Data Science Courses
Author: BhagyashreePatnaik

2. Excelr Business Analytics Courses
Author: BhagyashreePatnaik

3. Know All About Rgit Australia Scholarship
Author: Gurung Rupert

4. Why Python Is So Perfect For Young Minds
Author: RoboBrain Academy

5. Prominent Online Coding Course Provider Shares Insights Into What They Have To Offer
Author: RoboBrain Academy

6. Benefits Of Online Coaching Classes That Can Change Your Perspective
Author: jyiti makhija

7. Why Should You Look For Upsc Coaching In Indore?
Author: jyiti makhija

8. Three Benefits Of E-learning For Competitive Exam Preparation
Author: lavya singh

9. What Are The Benefits Of Gun Permit Training In Maryland?
Author: PTP Gun

10. Benefits Of Reading Beyond Academic Books
Author: Geetha Kumari

11. Excelr Data Analytics Courses
Author: ExcelR

12. 10 Common Mistakes When Writing A Term Paper
Author: Kerry Rose

13. Parenting Tips: Help Your Child Return To School
Author: Kojaram Choudhary

14. Discover The Potential Of Autodesk Revit Architecture Courses
Author: NIBT Education

15. How To Stay Focused And Productive While Taking Online Classes
Author: Mark Giaccone

Login To Account
Login Email:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: