Points of View

Energy and utility firms must invest in blockchain to thrive in this decentralizing market

The energy and utility market has a long history of disruption, such as the emergence of digital technologies like smart meters and ever evolving energy trends which have culminated in a complex market environment riddled with inefficiencies. Huge barriers to entry - such as complex regulations, government controls, massive upfront investments, and monopolistic tactics - have made it very difficult for anyone, besides the established industry incumbents, to get a grip on the market. This oligopolistic model means consumers and businesses regularly spend unnecessary amounts on energy and impacts overall economic performance. However, this cozy oligopoly is now under significant threat, with the ongoing development of blockchain solutions and renewable sources of energy. The energy market may finally be opening up to new competition and much greater efficiency.

 

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