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Blockchain technology saves on costs in the energy market

The more decentralized the energy market becomes, the more the blockchain is coming into play. Over the next three years it could reduce process and network costs significantly and create new business models.

27 Jan. 2018
Eduard Heilmayr
Blockchain technology saves on costs in the energy market (Chart: Event Horizon)

These are the findings of an expert survey by ESMT Berlin and Grid Singularity . Around 80% of those surveyed expect that blockchain business models will be implemented in the next one to three years. The participants are hoping for a reduction in process costs of 20 to 60% as a result. More than half of them also believe that network costs will fall. The share of peer-to-peer business, by contrast, is estimated to be less than 20%.

One argument that is clearly important to the respondents is that blockchain technologies could counteract excessive regulation from the outset – this would also significantly increase acceptance of smart meters in the home (to 91% among the 200 participants who were surveyed at the EventHorizon 2017 conference in Vienna ). Blockchain technology uses a continuously extendable list of data sets for transactions, which are linked by means of cryptographic procedures. So-called smart contracts on this basis control one another themselves, as it were.