Blockchain Application In The Energy Sector Is Offering Cost-Effective Strategies.
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Blockchain Application In The Energy Sector Is
Office Cost -Effective Strategies
Blockchain has already disrupted almost all the business niches, its unhackable 
nature, transparency and peer-to-peer interaction makes it a technology that has 
the potential to positively influence almost all the business niches. Many 
companies are planning to explore Blockchain technology and use it for the benefit 
and growth of the company. When we talk about the application of Blockchain 
technology, then many sectors are reaping the benefits of the same. In this blog, 
we are going to explore how are energy companies using Blockchain technology 
to save cost and enhance efficiency.
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Blockchain: the growing technology
 It would not be wrong to say that Blockchain has the potential to impact the 
different business segments; its features like transparency, decentralization, data 
encryption via cryptography makes it useful for almost every business verticals. 
Many companies in the energy sectors have started to explore the use of 
Blockchain technology. They are focussing on large-scale energy trading systems, 
project financial supply chain tracking, peer-to-peer trading, and asset 
management are few of the many applications which the Blockchain technology is 
being used.
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When we talk about the applications of Blockchain technology in the energy 
sector, then there has been significant investment in this domain. Around 100-300 
million dollars have been invested in more than 100 Blockchain applications in the 
energy sector. 
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·Peer-to-peer transactions- So how are companies using Blockchain technology. 
One of the examples of use cases of Blockchain in the energy sector is by those 
consumers who are producing solar energy. Consumers may need to resell a part 
of their electricity, turning into prosumers. For this, they may need to resell a part 
of the electricity to another consumer. With the help of Blockchain technology, 
they can do this directly, without relying on a third party. 
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Commodity and offset trading – One of the first areas where Blockchain can be 
found useful is the commodity and offer commodity and offset trading. Penalty 
companies spend a good amount of money on building and accessing proprietary 
commodity trading platforms which are used for tracking and execution 
transactions. Instead of relying on multiple platforms, the companies can be used 
to provide security, the immutability of energy trading
 
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Besides, the smart contracts and metering system can improve offset 
accessibility.
Eliminating middleman- One of the key uses of Blockchain is that it helps in 
eliminating the middleman. Presently, consumers purchase electricity via retailers, 
but with the intervention of Blockchain technology, the consumer can directly 
purchase it from the supplier without relying on the third party. Thus they can save 
a lot of money.
 
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Conclusion- These are a few of the use cases of Blockchain technology in the 
energy sector. Although these changes are at the nascent stage, companies Shell, 
IBM, and many other startups are exploring new ways of using Blockchain to 
improve the system.
 
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This will also open up the gateway of opportunities for many. If you too wish to 
become a Blockchain expert and want to excel, then this is the right time to pick 
up the certain Blockchain course by Blockchain Council. Not only will you learn 
about Blockchain technology, but this course will give you a practical learning 
experience. So, don’t wait any further, and join one of the best 
Blockchain certification programs in Blockchain by Blockchain Council. 
 
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You can check out our certifications, and kick start your career in the Blockchain 
space today.
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