The success story of blockchain technology is expanding as it continues to conquer different sectors like security management, fundraising organizations, and power management to name a few. Reportedly, the power and energy management sector is likely to hit $35 billion in terms of investments in blockchain technology. A report released recently predicts that this hit is likely to leap to $1.85 trillion.
The main companies involved in the process are Deloitte, Accenture, IBM, Infosys, Microsoft, Nodalblock, Oracle, SAP, Enosi, and Electron. The financial dimension of every business sector, it seems, relies heavily on blockchain technology for many reasons.
How Blockchain Helps the Energy Market?
Blockchain technology extends a helping hand to the energy management sector in tracking and analyzing data, and managing interactions. It also manages financial tracking deftly. For any market to function properly, communication is a key ingredient and blockchain takes care of that too as the technology is now popular all over the world.
Apart from these, the energy management sector also employs blockchain technology for data security so that in no way, the integrity of the market is questioned.
Other Observations on Blockchain Technology and Other Markets
The simultaneous growth of blockchain and its adoption in the energy market is remarkable. There are growing partnerships from both the sectors which are contributing to their growth. For instance, VeChain has announced on Twitter about its collaboration with Shanghai Gas in order to establish a blockchain-powered “energy-as-a-service” platform. Many other companies are joining hands with blockchain technology, which in turn is growing up to be a big player in several market domains. In recent times, though every other market is suffering a downfall due to the spread of the corona pandemic, the blockchain technology has been leading the relief activities from the forefront.