Despite the potential challenges, it’s clear that there is significant potential for blockchain in the energy industry. Research by Global Market Insights predicts the blockchain energy segment to grow from $200 million in 2018 to $3 billion in 2025.While it’s uncertain exactly what those blockchain solutions will look like, research by Renewable & Sustainable Energy Reviews found that 60% of analyzed projects are currently based on Ethereum. This number perhaps distorts the number of projects that are being built on energy-use specific blockchains or private, permissioned systems. One of the biggest questions is how these projects go from small-scale pilots to reach a critical mass, and we may see VeChain’s recent success with Shanghai Gas as a template. Shanghai Gas has the largest energy customer size, storage and transportation capacity in China. The joint project began in 2018 with a pilot handling quality assurance, including classification, order information, tanker IoT equipment information and transportation information. On March 31, it was announced that the project would be continued and expanded following the success of the pilot, with plans to incorporate a comprehensive Energy-as-a-Service ecosystem that includes logistics management, energy trading, and financial products for both upstream and downstream stakeholders. VeChain also aims to make its blockchain more attractive to enterprise operations than other public blockchains by utilizing a fee delegation feature as well as their VeChain ToolChainTM Blockchain-as-a-Service platform, which has helped over 50 corporate partners integrate blockchain solutions. This longer-term vision seems to encapsulate many of the opportunities presented by blockchain into one ecosystem. What is abundantly clear is how well blockchain and energy mesh together to create a more efficient and transparent system, though only time will tell if the value proposition is strong enough for these systems to gain widespread adoption within the industry. The post What’s next for blockchain in energy? appeared first on Data Science PR. Via https://datasciencepr.com/blockchain-energy-industry/?utm_source=rss&utm_medium=rss&utm_campaign=blockchain-energy-industry |
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