Within the first quarter of the year $850 million has been raised in cryptocurrency and blockchain startups and have set to be at an all time high from a total of $2.4 million in 2018 for the collective year in recent report by Pitchbook.
The benefits from the blockchain-based technology have created inquiries from several industries and sectors because of the transparency and accessibility that the platform offers. Blockchain technology can provide more than just enhanced security and efficiency. In the renewable energy sector the decentralization of the of the power industry can be reinforced by the innovation of microgrids. In essence a microgrid, independent of utility providers and centralized power generators can integrate blockchain technology in order to sell to consumers or provide energy in larger scale transactions.
Because of the movement a non-profit organization Energy Web Foundation (EWF) an open-source, scalable blockchain platform specifically designed for the energy sector’s regulatory, operational, and market needs, has been created to serve as a foundational, shared, digital infrastructure for the energy and blockchain community to build and run their business solutions.
In the oil and gas industry the game changer for the industry has been the platform’s transaction process. In more traditional methods the exchange of product entails high manual work in order to finalize and audit orders let alone having to reconcile several companies contractual agreements and limitations on various systems.
With the adoption of the platform oil and gas industry is able to surpass security risks with document sensitivity , transport of refined products, track output in real time and secure invoices and payments with speedy results. This advancement in technology will also reduce cost savings by allowing companies to identify discrepancies in inventory and contracts by running smart contracts on the platform.
Recently Frank Xiong, Oracle’s group vice president of blockchain product development said, ““My projection is that between 50% and 60% of companies will use blockchain in the next few years,” while at the Forbes CIO Summit in Half Moon Bay, CA.
Samsungs SDS vice president in blockchain, Ted Kim says “At the end of the day blockchain makes multipart collaboration more efficient, whether it’s having a consortium to track data on counterfeit getting into supply chains, or how much inventory you need to create a better forecast,” in addition Kim expressed that within three years 20% of companies will be using blockchain.
The Global Market insights Inc., predicts that by 2025, the blockchain technology in the energy sector will exceed $3bn in valuation, amid accelerated deployment in the power and oil and gas sectors.