It’s been more than 150 years since the first modern solar power plant was established in Algiers, but we still haven’t effectively harnessed the sun’s energy. Fundamental changes in the energy sector take time.
Multiple experts suggest most applications of blockchain technology for energy are in the testing stage. But with over 150 startups focusing their time, effort, and money on innovation in this space, results are surely inevitable. Companies want to use the blockchain to automate their way to efficiency. They’re supporting the development of platforms to streamline energy management and establish peer-to-peer energy trading platforms.
Venture capital continues to drive much of the innovation in the energy sector. Where funds exist, innovation will almost always follow. It’s a matter of time until blockchain-powered platforms change the way we think about energy.
Vincent Mainer, CFO of ENGIE Insight
“While the energy industry will undoubtedly benefit from an energy sector blockchain, we can not overlook how this technology drives energy efficiency and sustainability across industries. From tracking carbon emissions, to creating supply chain visibility and engaging consumers, blockchain can enable a near real-time version of truth for transaction records and issue a new era of green finance, while reducing GHG emissions for energy companies and beyond.”