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Worldwide investment in renewable energy reached $286 billion in 2015 and grew 3% to $294 billion in 2016, according to the International Energy Agency (IEA). The market is driven by environmental concerns and growing incomes that have led to increased demand for consumer goods and services. Yet, there’s still room to grow. The IEA estimates that the global market needs to increase by an additional $490 billion annually through 2020 in order to meet international targets. Blockchain can help facilitate this growth.

The next 1,000 unicorns, according to BlackRock CEO Larry Fink, won’t be search engines or social media platforms, but rather sustainable, scalable innovators – enterprises that promote global decarbonization while making the energy shift accessible to all consumers. He thinks it’s important to acknowledge the fact that green products might occasionally cost more than conventional ones. It will be crucial to reduce the green premium in order to achieve a seamless and equal transition. Sustainable investment value has already topped $4 trillion overall.

What Are Some Renewable Energy Resources?

Solar, wind, hydroelectric and geothermal energy are all renewable sources of power. Solar in particular is a booming industry thanks to federal tax credits and state incentive programs. In fact, solar is growing so quickly that it’s already cheaper than fossil fuels in some areas; businesses seeking to lower their operating costs can take advantage of solar incentives by taking out loans for photovoltaic (PV) systems or buying them outright upfront.

Identify The Problem in the Renewable Energy Industry

The primary problem in renewable energy today is a need for greater market access to spur continued adoption of renewable energy. Renewable energy is no longer a fringe sector of energy production, but it still has limited market share when compared to fossil fuels. In 2017, a mere 15% of America’s total power consumption came from renewables—this number has doubled since 2008, and there are clear incentives for creating more markets for low-carbon and no-carbon energy sources like solar and wind.

What Are The Benefits of Using Blockchain Technology in Renewable Energies?

There are a few very obvious benefits to using blockchain technology in renewable energies. First, it’s secure. While nothing is truly hack-proof, distributed ledgers and smart contracts offer increased resilience against any attempts at infiltrating or manipulating your records. This helps you cut down on costly fraud and theft, something that plagues many traditional energy companies today. Then there’s transparency, which can help you boost consumer confidence—something even more important for businesses working with renewables.

Conclusion

The renewable energy market has seen monumental growth in recent years. However, there are a number of problems that need to be addressed to further facilitate growth. To accelerate development of renewable energy sources and increase market access, business leaders need to consider blockchain as a potential technology solution.


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