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

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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. 3

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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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Blockchain Council Certifications
You can check out our certifications, and kick start your career in the Blockchain
space today.
● Certified Blockchain Expert
● Certified Blockchain Developer
● Certified Smart Contract Developer
● Certified Solidity Developer
● Certified Ethereum Developer
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