Blockchain technologies are taking a strong grip across all the industries, especially in the energy sector in the Philippines. Estimates indicate that by 2030, the blockchain business will reach a value of $2 trillion from its $2.5 billion value in 2017. The technology is spreading its reach and deepening its roots in almost all the countries.
The IHS Markit research firm has said that the outlook currently is quite consistent in various sectors of working wherever blockchain has been used such as supply and logistics, finance, power and energy, retail, and e-commerce, healthcare, telecommunications. The research states that the application of blockchain in the government sector is also highly consistent.
According to IBM since the shared data on the blockchain platform cannot be modified, it cuts down the risk and the recording transactions cost thereby playing a major role in tracking the assets in the network of a business. Blockchain was invented almost ten years ago for the transactions of Bitcoin (BTC) but it can be used to track virtually any asset of value and can be easily traded on the network of the blockchain.
The report of IHS Markit on blockchain technologies state that in 2017, the business value of this technology in the sector of power and energy was estimated to be around $20 million. According to the company, “With the projected increase in the number of blockchain projects that are launched and become commercially deployed, business value is projected to reach $158 billion by 2030.”
The research firm stated that the global economies execute their work on energy, however; the existing system is not only inefficient but extremely costly. It is where the potential of blockchain can help the energy sector, Inquirer.Netreported.
The Philippines have realized this potential of blockchain technologies and many of its companies are coming forward to implement the technology in their working. Recently, Energy Foundation announced the implementation of Qtum blockchain on its project in collaboration with First Gen, the renewable energy company from Philippine, reported Bitpinas. This joint venture will integrate blockchain similar to the way energy is distributed across producers, suppliers, consumers, and retailers.
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