Blockchain is a digital phenomenon that’s growing in use and influence. Widely used in digital contracting and cryptocurrency exchange, it’s even bleeding into the energy sector. Many startups are harnessing the power of the digital ledger to help change the sphere. What can we expect from them?
How Blockchain is Changing Energy for Good
Blockchain is more than a financial resource. In the energy sector, digital ledger contracts are helping to make energy transfer and governance more efficient. For example, providers can easily trace materials through a provable, un-editable ledger system. Crucially, blockchain is helping to make energy provision red tape less complex.
Benefits, according to experts, are far-reaching. Blockchain helps to increase transparency on all sides of a contract. What’s more, this is only ever likely to enhance responsibility for sustainable solutions.
Global Market Insights states that we are likely to see the blockchain energy market explode into $18 billion by mid-decade. This is a value increase of $17.8 billion in just seven years. Startups are inspiring pro-energy efficiency investors the world over, which supports this projection. But what do they physically bring to the energy table?
How US Startups are Molding Energy Provision and Blockchain
Let’s consider a few leading and emerging ventures working to bring energy supply and blockchain together in the mainstream.
Drone Energy is a pioneering venture in the US that focuses on decentralizing energy. Just as cryptocurrency is decentralizing global finance, DE’s technology helps businesses and individuals access decentralized data. Specifically, Drone Energy offers a framework of sorts that supplies on-demand energy via blockchain and IoT. Their focus is on maximizing value and scalability.
COI Energy, meanwhile, focuses on researching energy waste through artificial intelligence. Developing AI and machine learning solutions, the company – funded to $2.5 million – uses blockchain support to analyze wastage. This, it’s hoped, will help us to automate the energy we use and potentially waste each day.
Grid+, or GridPlus, is causing major waves. This US firm strives to help individuals buy and use energy directly from the source. To bypass big energy, Grid+ helps to create contracts via blockchain to ensure direct accountability. Not only that, but they help households and users find new, more sustainable resources.
If there is one element that all three of these companies focus on, it is efficiency. Blockchain helps to cut out unnecessary administration and bureaucracy. This, in a world where people may struggle to find sustainable energy provision, can only be of benefit.
Does Blockchain Hold the Key?
Energy provision is a colossal business the world over. While the key players are mainly committing to greener measures, many people feel it is time to look for alternative sources. Via blockchain, leading innovators are helping everyday people find direct energy provision that is sustainable and responsible.
Investors can find blockchain startups and energy supply innovators through the web easier than ever before. They may, for example, wish to use Fundz to find the next big player in the energy sphere.