Premium Market Insights (PMI) has reportedly published a research, revealing that blockchain-focused investment for the energy sector across the globe will likely to climb up to $34.7 billion in 2025.
Specifically, the energy sector is reportedly expected to experience a 82% of growth rate on an annual basis, going from the $156.5 million benchmark 4 years ago.
As high as $35 billion seems, the total net worth of the energy sector massively overshadows that number, standing at $1.85 trillion, with numerous big names currently employing blockchain and DLT in the industry, nominally Accenture, AWS, Bigchaindb, Deloitte, IBM, Infosys, Microsoft, Nodalblock, Oracle, SAP, Enosi, and Electron.
Blockchain was utilized to help with information management, financial tracking and interactions. Per the research, a reduction in operational costs and capital expenditure are the primary force that helped drive the adoption rate.
An enhanced level of automation will reportedly pave the way for the use of blockchain for data security and integrity.
The number of real-life integration of blockchain finalized by firms is on the rise in the energy market. Power Ledger has reportedly teamed up with green energy retailer ekWateur, to enable about 250,000 France-based households to select their renewable energy source.
VeChain also forged an alliance with Shanghai Gas, to jointly work on a ‘Energy-as-a-Service’ Platform and business ecosystem, on the blockchain.