How Blockchain Benefits Energy Players?

April 1, 2019

The race for sustainable energy has only accelerated in recent years throughout the Cooperation Council for the Arab States of the Gulf – originally and still most commonly known as the Gulf Cooperation Council (GCC) – and experts say energy players would do well to harness the power of blockchain technology in the face of potentially disruptive trends.

The world is set to generate 50 percent of its energy from renewable sources by the year 2050. With demand for electricity in the GCC expected to continue growing rapidly, renewables have become crucial to government plans seeking to diversify domestic energy.

The council is seeking to install 80 gigawatts (GW) of renewable energy capacity across all of its member states by 2030, accounting for over half of the union’s current conventional capacity.

U.S.-based tech consultancy firm Booz Allen Hamilton has made the case that blockchain technology can provide a more secure, resilient, and cost-efficient infrastructure for renewable energy markets throughout the GCC region.  

As noted by Dr. Adham Sleiman, Vice President at Booz Allen Hamilton Middle East and North Africa, the renewable energy sector is especially well-suited for blockchain, as the system is transactional for electricity and fares, while relying on a central authority in the form of utility operators. The system is however expected to gradually become more decentralized due to distributed energy resources (DERs), which Adham said are changing the landscape towards a grid where utilities no longer control the system in its entirety.

Successful blockchain pilots have been trialed in the operation of charging stations for electric vehicles, allowing for fully automated and worldwide authenticated charging and billing solutions without the involvement of intermediaries.


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
South Korea’s Postal Service to Adopt Blockchain for Billing
South Korea’s national postal service is partnering with Coinplug to apply the technology to its bil...

June 19, 2019

‘F1 Delta Time’ Offers In-Game Items Stored on Blockchain
A Hong Kong-based game developer is integrating blockchain into its titles to allow permanent owners...

June 18, 2019

BLOCKCHAIN: A Game Changer for Regtech
Fast forward to 2019, and RegTech is expected to undergo far-reaching disruption, with blockchain ex...

June 17, 2019

Blockchain Video-on-Demand Platform Introduced at Cannes Film Festival
The first Indian blockchain video-on-demand platform ‘myNK’ was launched at the Cannes Film Festival...

June 13, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us