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Blockchain Market in the Energy Sector, 2024 - Emergence Of Variable Electricity Rates And Need For Peer To Peer Trading & Aggressive Spending By Venture CapitalistsDUBLIN, March 21, 2019 /PRNewswire/ -- The "Blockchain Market in the Energy Sector - Growth, Trends and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering. The Blockchain Market in the Energy Sector market is expected to register a CAGR of over 67.23 % during the forecast period 2019 - 2024. The blockchain technology, which has greatly benefitted the financial sector, finds applications in the energy sector predominantly for wholesale energy trading. However, the increasing number of use cases and efforts from the regional blockchain associations are promoting the adoption of the technology for various other applications like smart contracts and digital identification. Blockchain enables energy transmission companies to track the movement of excess energy thereby managing the supply-demand bottlenecks. Key Market Trends Smart Contract is expected to register a Significant Growth The Smart Contract is the computer-aided program, which encodes the different conditions and possible outcomes and moves the currency or information across the ledger using blockchain technology. Blockchain with the use of smart contracts is anticipated to reduce the number of different administrative processes, which involves the deal of execution. The smart contract enables consumers to execute and dispatch various commodities automatically, once the trade is booked. By reducing the involvement of multiple intermediaries, Blockchain will decrease the time and costs involved in executing these transactions. For instance, ING and Socit Gnrale S.A. decided the first oil trade by using a prototype of the Blockchain platform, (Easy Trading Connect). ING also anticipated the usage of Blockchain would help to reduce its involvement in the transaction from 3 hours to 25 minutes, which results in 30% cost savings per transaction. The rising acceptance of electric vehicles (EVs) and the lack of coordination between consumers and charging stations enabled the adoption of smart contract solution. As, smart contract aid the EV's to charge or discharge based upon the needs of the electric grid, which enables the vehicles to act as mobile batteries and to help stabilize the grid. Furthermore, the high adoption of smart contract solutions are expected to reduce labour costs, manual and semi-automated processes, capital costs through faster settlements, and technology costs by decreasing dependency on redundant systems. North America is Expected to Hold Major Share With blockchain adoption in the energy sector, transactions such as energy trading can be recorded and settled almost instantly, with no need for an intermediary and with little need for reconciliation since all parties are using the same platform. North Americans as early technological adaptors are having significant adoption of blockchain in the energy sector.The region is experiencing an increasing number of investments and partnerships, since the first blockchain in energy transaction took place, in 2016, in Brooklyn, New York. Companies in the region are partnering with other countries or having high investments to develop products related to energy sector using blockchain technology. For instance, Bovlabs, a startup working to empower clean energy, entered into a partnership with Enchanted Rock, to test blockchain's ability to bid into wholesale markets, with the ERCOT (Electric Reliability Council of Texas), and is expected to enter as a blockchain-based retailer in energy sector. In another instance, LO3 Energy entered into a partnership with Energy Web Foundation (EWF), to work on standardizing data for use in EWF's blockchain, which is designed specifically for the energy industry. As said by the LO3's CEO, creating a data standard for transacting energy across projects and users, will be vital to meeting blockchain's potential. Omega Grid software is operating on-site at the Stone Edge Microgrid, to test the blockchain based software's ability to calculate optimal power flow and locational price, for each asset, on 5-minute intervals, and accept the best bids from the asset to control the load. Competitive Landscape The Blockchain Market in the Energy Sector is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market share and increase their profitability. The companies operating in the market are also acquiring start-ups working on Blockchain Market in the Energy technologies to strengthen their product capabilities. In July 2018, Microsoft Corporation announced the launch of the Enterprise Blockchain partnership, in Taiwan. The company has entered the partnership with Digital China and Hot Cool, in the hope that the three companies can use blockchain technology to enhance financial, e-commerce, entertainment, and other industries. Key Topics Covered: 1 INTRODUCTION 2 RESEARCH METHODOLOGY 3 EXECUTIVE SUMMARY 4 MARKET DYNAMICS 4.1 Market Overview 4.2 Introduction to Market Drivers and Restraints 4.3 Market Drivers 4.3.1 Emergence Of Variable Electricity Rates And Need For Peer To Peer Trading 4.3.2 Aggressive Spending By Venture Capitalists 4.4 Market Restraints 4.4.1 Scalability Constraints 4.5 Value Chain / Supply Chain Analysis 4.6 Industry Attractiveness Porters Five Force Analysis 5 MARKET SEGMENTATION 5.1 By Application 5.1.1 Payments 5.1.2 Smart Contracts 5.1.3 Digital Identities 5.1.4 Governance, Risk, and Compliance Management 5.1.5 Other Applications 5.2 Geography 5.2.1 North America 5.2.2 Europe 5.2.3 Asia Pacific 5.2.4 Latin America 5.2.5 Middle East and Africa 6 COMPETITIVE LANDSCAPE 6.1 Company Profiles 6.1.1 SAP SE (SAP) 6.1.2 Microsoft Corp 6.1.3 Accenture PLC 6.1.4 IBM Corporation 6.1.5 LO3 Energy Inc. 6.1.6 GREENEUM 6.1.7 Drift Marketplace Inc. 6.1.8 IOTA Foundation 6.1.9 Btl Group Ltd 6.1.10 Power Ledger Pty Ltd 6.1.11 ImpactPPA 6.1.12 Electron (Chaddenwych Services Limited) 7 INVESTMENT ANALYSIS 8 MARKET OPPORTUNITIES AND FUTURE TRENDS For more information about this report visit https://www.researchandmarkets.com/research/929sqt/blockchain_market?w=5 Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research. 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