A new report from Navigant Research reveals how significant blockchain is becoming in the energy sector as the powerful technology tool helps startups, utilities, and technology companies pilot and deploy energy related projects in a pragmatic way. The report, titled “Energy Blockchain Vendor and Deployment Tracker 3Q19,” analyzes blockchain vendor and project developments across the energy industry, reporting on funding and investments across five geographic regions.
Nearly $700 million in cumulative funding has been invested into energy blockchain development across global regions, enabling existing processes to become more efficient and addressing pain points across the energy sector. Navigant Research suggests that the total invested figure actually exceeds $1 billion, when accounting for unannounced private investments.
“While crowdsourced initial coin offerings were previously an important source of vendor capital despite poor regulation, more traditional capital investments from public and private sources now account for the majority of energy blockchain funding,” according to a recent press statement. .
“Key findings from our analysis highlight the shift in focus away from transactive energy (TE) and peer-to-peer electricity trading toward pragmatic use cases with shorter maturity horizons and proven business models,” says Johnathon de Villier, research analyst with Navigant Research. “In particular, recent project deployments have focused on renewable energy certificates and guarantees of origin.”
