Blockchain in the Energy Market: Enabling Transparency and Efficiency Across the Value Chain
Enabling Transparency and Efficiency Across the Value Chain : Blockchain technology provides a transparent and efficient framework for the energy market by recording transactions in a tamper-resistant manner across a decentralized network. Through blockchain, stakeholders can access real-time data on energy production, distribution, and consumption, fostering trust and accountability across the value chain. Smart contracts automate and streamline processes, reducing administrative overhead and minimizing disputes. This transparency enhances market integrity, facilitates regulatory compliance, and encourages greater participation from various players in the energy ecosystem. The global blockchain in energy market is forecast to expand at a CAGR of 25.6% and thereby increase from a value of US$6.43 Bn in 2023 to US$31.73 Bn by the end of 2030. The energy sector is undergoing a significant transformation, driven by increasing demands for sustainability, decentralization, and efficiency.