It’s been a tough few months for Blockchain currencies, but the Industrial Blockchain is going strong nonetheless. That’s mostly due to the inherent security, accuracy and decentralized peer-to-peer (P2P) data transfers that come with the technology.
Most of the major players in the industrial, manufacturing, supply chain and enterprise spaces are already seeing the benefits of incorporating industrial blockchains into their data strategies. Siemens, as one of the major players in the industrial space, has been leveraging blockchain for data management for some time. The company writes about the potential for Blockchain to “streamline and accelerate business processes, increase cybersecurity, and reduce or eliminate the need for third-party verification across multiple industries within the next few years. With blockchain, manufacturers can create trusted networks that improve supply chains, better protect intellectual property and work with advanced technologies like 3D printing, microgrids and autonomous vehicles.”
Market research into the growing sectors of the industrial blockchain markets is new, but largely optimistic about the potential for this technology to be transformative. In the recently released IMARC Group study “Blockchain in Energy Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” the firm pins the Energy Sector alone of the blockchain market to have been at almost $900 million at the end of 2022, and predicts that it will grow to more than $8.8 billion by 2028.
Right now, energy companies and suppliers are using the industrial blockchain for data automation, billing, resource sharing, trading, smart contracts, and digital identity. These enterprises are also managing government risk and compliance, global supply chain, power grids, and energy certificates through the secure distributed blockchain. They are seeing increased operating efficiency, better visibility into processes, and streamlined regulatory reporting, in addition to reduced costs, more trust among suppliers, and even new opportunities to improve environmental sustainability, according to the report.
The analysts at IMARC said that improved functionality, potential to reduce or prevent failures and downtime, privacy and security protections, and intelligent contracts to manage transactions are among the primary drives of the market. Meanwhile, the demand continues to grow, the report said, for intelligent data management, traceability, automated billing, and preventing unauthorized access.
Future growth in the energy sectors is predicted to come, at least in part, through managed distribution and real-time validation of power sources via certificates, peer-to-peer energy trading that allows users to buy and sell power directly among each other through a secure ledger, and the launch of government programs to promote electricity saving, according the the study.
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