From healthcare to finance and banking, the waves of Blockchain has touched almost every domain till now. Organizations are making use of this technology, new ventures are coming up. Blockchain has managed to gain everything since 2017.
The energy industry has also come into action and started using blockchain technology. GTM Research’s newest report, Blockchain in Energy 2018, discusses the current global landscape for blockchain in energy and makes four predictions for the nascent industry in 2018.
Utility Investment in Blockchain: The report says that Initial coin offerings currently makeup 75 percent of funding in the blockchain energy industry and will continue to be an important fundraising method in 2018. Alongside, GTM research also expects an acceleration of utility investment via traditional venture capital as utilities continue to monitor the space.
Pilot Phase: In the U.S., blockchain in energy pilots have generally occurred without utility involvement. GTM Research predicts that utilities investigating blockchain technology in 2017 will begin planning and even implementing a pilot project in 2018.
Wholesale trading breaks into commercial deployment: Most of the pilots focuses on the peer-to-peer energy trading, accounting for 59 percent of planned and completed projects. However, it is not commercially viable. According to the report, BTL announced that it will introduce a commercial trading platform, OneOffice, that will run on the blockchain. Additionally, Ponton will offer a full deployment of its wholesale trading platform.
Business Models will crystallize: EV charging and renewable energy credit (REC) trading are expected to find revenue streams. In EV charging, there is limited charging infrastructure which will be fixed and in RECs, Blockchain will replace legacy platforms and reduce the possibility of double-counting.