A report from Blockchain.News, reveals that blockchain application in the energy market was worth $518.6 million in 2018 and its value will reach $6.29 billion (€5.53 billion) in 2024.
Based on research from BIS Research, its report ‘Global Blockchain in Energy Market – Analysis and Forecast, 2018-2024’ says the market growth witnessed is primarily linked to the increasing demand for decentralised power generation, coupled with the elevated integration of renewable energy sources.
Blockchain, says the article, is viewed as a booming market in the energy sector because of the distributed ledger technology it offers. Additionally, its combination with grid-interactive devices is speculated to considerably transform this sector.
The BIS Research report found that nations such as the Netherlands, Germany, the US, and the UK, are the frontrunners in blockchain application in the energy market. Other key countries in this category include Australia and Estonia.
The utilisation of blockchain has instigated a wide range of market expansion opportunities in these nations.