Blockchain Use Cases in Energy Sector

October 13, 2020
Blockchaincouncil

Blockchain is a technology that has expanded its use cases across different industry segments. Blockchain technology evolved from being an underlying technology for Bitcoin exchange to becoming a mainstream technology for aiding the exchange of data or information exchange in healthcare, medical, education, finance, and other segments. One of the prominent use cases of Blockchain is in the field of energy. Blockchain has a tryst with transformation and growth, and it dissipates the same in the segment where it is used. This has also impacted the energy sector, and now you can find many companies using the Blockchain platform. In this blog, we will decipher how this is happening.

Blockchain and its use in the energy sector:

The joint report by the World Economic Forum, Stanford Woods Institute for the Environment, and PwC shows that there are more than 65 existing and emerging Blockchain use-cases for the environment. These use cases include business models for energy markets, real-time data management, moving carbon credits, or renewable energy certificates onto the blockchain.

DLT technology can enhance the efficacy of the utility providers by tracking the chain of custody for going materials. Besides this, there are other use cases in the energy sector which we are going to assess ahead:

Conclusion- The use cases of Blockchain in the energy segment is going to increase with time. Blockchain ensures transparency, data security, and easier access.

Thus, companies are now hiring Blockchain experts and professionals who can help in leveraging this technology in the energy segment. If you wish to make a career in this field, this is the right time to enroll for the Blockchain certification program with Blockchain Council.

 

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