Blockchain within the Energy Sector - a Paradigm Shift or Hype?
- Sep 19, 2019 7:28 pm GMT
This item is part of the Special Issue - 2019-09 - Blockchain in Utilities, click here for more
With the current rate of globalization and rapid population growth, it is literally unimaginable to think of the modern world without the availability of energy resources to power the countless processes that run almost nonstop in the 21st-century world. Be it hydro, nuclear or renewable energy sources like solar and wind, the world is in dire need of energy to sustain normal living and industrial processes.
The global energy market is estimated to be worth approximately about $2.5 trillion dollars by 2023 and is largely monopolized by a few big players in the market. These major players control the dynamics of the energy market with an emphasis on higher energy production levels in order to ensure maximum profits. As a result, the contribution of consumers and end-users in this model is restricted to subscription for energy services.
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