Navigant Research has predicted that global energyblockchain applications will generate $19 billion in cumulative revenue overthe next decade at a compound annual growth rate (CAGR) of 66.9% during that time.
In its latest report, titled “Energy BlockchainApplications Overview”, Navigant anticipates the early growth of theapplications to be concentrated in regions with competitive market structuresand low barriers to market entry in Europe, Asia Pacific, and parts of the US.According to the report, Europe and North America would be leading the market,which will be followed by 83.3% growth in the APAC region in 2027.
“As the grid system becomes increasingly digital,distributed and decentralised, new information technologies are needed tosupport interactions and transactions between grid participants,” said Navigantresearch analyst Johnathon de Villier. “Blockchain is one of severaldistributed LEDGER technologies that could serve as a framework for theseemerging markets by providing a mathematical basis for information managementand coordination across participants in a network and minimising the role ofintermediaries while reducing transaction costs and friction.”
The Block had previously reportedon Fordextending its European PHEV trial to Cologne that will explore geofencingand blockchain technology to help track ‘green miles.’ Ford is working incoordination with five municipal fleets in Cologne, nine Transit Custom Plug-InHybrid vans, and one Tourneo Custom Plug-In Hybrid people mover. The automakerwill also find how innovative geofencing and blockchain technology could assistin tracking and increasing the number of ‘green miles’ driven by vehicles. Inthe one-year long trial, each of the 10 PHEVs feature the FordPass Connecton-board cellular modem, and a plug-in device that allows the geofencing andblockchain capabilities.
Last month, the Texas-based OOC Oil & Gas Blockchain Consortium also announced that it was testing blockchain technology to lower administrative costs in their field operations, along with reducing payment disputes and risk of fraud. For this purpose, as initially reported by Reuters, the Group has given a contract to Houston-based software company Data Gumbo to pilot blockchain for water handling services in the Bakken shale field in North Dakota.
