As the internet and smartphones continue to permeate the world, the future will inevitably hinge entirely on being digital. This sweeping change is visible in all aspects of our lives – personal and professional. For instance, one is more likely to find a romantic interest online rather than a local pub. Similarly, it is affordable for companies to set up a remote workplace instead of paying hefty rents and maintenance on office space.
Currently, governments, businesses and corporations depend on centralization when it comes to technology solutions. The centralized approach to manage the digital solution is not wrong, but blockchain technology can offer a way to create an accountable and transparent system. Decentralization is aimed at creating a trustless and fair ecosystem across different industries.
The Global Blockchain Market is estimated to perform well and is expected expand at a CAGR of around 70% over the forecast period i.e. (2017-2024). The blockchain works on the principle of decentralization and distribution and is popular owing to its ability to record all transactions without the requirement of a financial intermediary, which in some cases may be a bank. The global market is segmented on the lines of type, end user, applications and region
The blockchain in energy market is expected to grow from an estimated $394.3 million in 2018 to $7.1 billion by 2023, at a CAGR of 78.32% from 2018 to 2023. In 2018, the market in Europe is estimated to be the largest, followed the Asia Pacific. Factors such as increasing popularity of the blockchain technology in the energy sector, rising security concerns across the globe, and the need to manage infrastructure and other business functions through high transaction speeds and immutability are driving the blockchain in energy market.