New Infoholic Research Study Claims Blockchain Use for Global Energy Utilities Market Will Boom …

According to an all new study released by Infoholic Research LLP yesterday, the global blockchain in energy utilities market is all set to grow by a …
New-Infoholic-Research-Study-Claims-Blockchain-Use-for-Global-Energy-Utilities-Market-Will-Boom-by-60-by-2024

According to an all new study released by Infoholic Research LLP yesterday, the global blockchain in energy utilities market is all set to grow by a whopping 60% within the coming 5 years or so.

To elaborate further on the matter, the report also states that last year, the “global blockchain in energy utilities market” was estimated to be worth $210.4 million but by 2024, this figure is all set to grow to a staggering $3.4 billion. These numbers when extrapolated mathematically show that the aforementioned market is all set to grow at a massive rate of 59.4 percent by 2024.

More on the Matter

A closer look at Infoholic’s recent study shows that one of the key growth drivers for the global blockchain industry (over the next five to six years) will be the “increasing sales of distributed energy and peer-to-peer (p2p) electricity”.

In addition to this, the report also states:

“Due to the increasing automation in energy utilities, organizations are making real-time changes to the infrastructure that will help them to convert into blockchain-powered software and reduce [total cost of operation] TCO,”.

At this point in the article, it should also be noted that in order to prepare for the report, Infoholic’s research team took into consideration things like:

  • Deployment of blockchain in the energy utilities market as well as factoring in things like functional components, services, specific applications of blockchain in the power-supply sector etc.
  • Blockchain-related usage figures within North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa,
  • Revenue generated by the technology in North America, Europe, and Asia Pacific.

Final Take

As many of our readers probably already know, blockchain tech has already found a plethora of uses within the energy sector. For starters, earlier this year, one of Spain’s major power company’s ‘Iberdrola’ started making use of a blockchain system to track its renewable energy production and distribution.

To be even more specific, using its brand-new blockchain framework, the firm was able to monitor renewable energy delivered from “two wind farms and one power station to selected offices that were located in Basque and Cordoba”.

In addition to this, last month Danish energy firm ‘Energinet’ also released a statement saying that it was all set to deploy IOTA’s Tangle technology to help it distribute its resources much more effectively. Not only that, the folks over at Energinet are now looking to create new solutions that will be based on IoT tech for futuristic products such as electric vehicles.

VeChain (VET) Price Positive Maneuvers: Latest Key-News

The blockchain network which operates on the BaaS (Blockchain-as-a Service) framework with the main goal to decentralize and evolve how global …

The blockchain network which operates on the BaaS (Blockchain-as-a Service) framework with the main goal to decentralize and evolve how global business management and supply chains are monitored is on of the only which are signaling positive performances in the crypto-market.

VET/USD

Breaking the daily declining trend, the native token of the 24th largest crypto-network by market capitalization at $0.0031 hoisted the price against the US Dollar back above the $0.0040 again with the attempt to retest the major $0.00425 which is posting resistance since beginning of January this year.

VET

Source: coinmarketcap – February price movement

Per time of writing, VET is changing hands against the USD at $0.00418 with 6.82% increase in the last 24-hours leading the BTC market for 6.64%.

VeChain utilizes tamper-proof distributed ledger technology (DLT) to monitor and verify the authenticity and quality of products along the supply chain to ensure that the final consumer gets genuine value for whatever they buy. To put it into perspective, VeChain works with the manufacturers and suppliers to prevent counterfeited goods from being sneaked into the market at the expense of the general public.

Just recently – VeChain Foundation launched an Application Idea Bounty Hunt with the target to push-up the amount of app-development and devs approaching the platform. The total pool of reward is 40 million VET tokens. All the information highlighted below can be found in the team’s Medium Blog Post

After receiving many great ideas and exciting development plan in our Application Idea Bounty Hunt, the first batch of qualified applications have been rewarded! To submit your ideas, and get a boosted start for application development, click here – https://t.co/w44YkwgX9p

— VeChain Foundation (@vechainofficial) February 13, 2019

This challenge, entitled VeChain Application Development Challenge leading up to the VeChain developer conference — VeChain Summit 2019 scheduled on April 18 at Fort Mason, San Francisco, will have a total reward pool of 40M VETs.

cryptocurrency advancement

Featured Image: descryptive

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Apple Mentions Blockchain Guidelines In Conflict Minerals Report To The SEC

According to the Conflict Minerals Report that was published yesterday, February 15th, Apple is working on forming blockchain guidelines as part of its …

According to the Conflict Minerals Report that was published yesterday, February 15th, Apple is working on forming blockchain guidelines as part of its Responsible Minerals Initiative which was filed to the United States Security Exchange Commission. In the document, Apple wrote about its ethics and business practices in sourcing minerals that are used in the production of its electronic devices. The tech giant announced that it was committed to meeting the globally recognized standards. Part of the document stated:

“We are dedicated to going beyond the requirements in our mission to exceed globally acceptable due diligence standards so as to protect people in our supply chain.”

According to the filing, Apple is one of the participants who is helping to develop blockchain guidelines for the Responsible Minerals Initiative. These guidelines are a compilation of a set of principles, terms, and concepts channeled towards the deployment of blockchain technology in the mineral supply chain. The goal is to ensure that all companies involved do due diligence to protect the end users. In March 2018, the drafting process for the guidelines started.

The Responsible Minerals Initiative also intends to educate businesses about blockchain technology as it relates to the supply chain industry, and local communities. It examines the potential of this emerging tech.

Apple Comes Under Scrutiny

In 2018, the tech giant, Apple, came under scrutiny because of its plans to source cobalt in ways that were considered inhumane. Cobalt is a mineral that is used for the creation of smartphones and it is gotten from Congo. Amnesty International, at the time, said that the human rights bar in the supply chain sector is low. So, even if Apple is highly ranked as one of the tech companies that pay attention to human right abuses in the supply chain, this doesn’t mean it is free of blame.

The Responsible Business Alliance’s Responsible Minerals Initiative was established in the year 2008. It is made to of 360 companies including Apple, the electronics giant, Acer, the computer manufacturer, and Best Buy, the American electronics store. These companies and all the other companies in the alliance work on the improvement and development of due diligence mechanisms in the mineral sourcing supply chain.

Blockchain Technology In The Supply Chain

Having a standard for due diligence in the supply chain industry has become more important in recent time. Many public and private entities are already implementing blockchain technology in supply chains on a global scale. In January, IBM entered into a partnership with MineHub Technologies. The goal of the partnership is to create a blockchain platform that will be used to improve the management of supply chains in the metals and mining industry. The platform will eliminate the inefficiencies of the global minerals supply chain. It will also reduce the need for manual data processing and excessive paperwork. It will increase the transparency between all the parties involved in the supply chain process.

Bitcoin (BTC) Price Today – BTC / USD

Name Price 24H (%)

bitcoin
Bitcoin(BTC)

$3,634.41

In February, the Food and Drug Administration in Chongqing Yuzhong, a Chinese district, announced that it was making plans to deploy a blockchain that would strengthen the supervision of drugs and food in the supply chain to ensure quality.

Do you think blockchain technology can boost transparency in the supply chain for major companies around the world? Share your thoughts in the comment section.

Fairfax County Shifts Part of its Pension Funds to Blockchain Technology Investments

… that the employees and Police Officers Retirement Systems have invested in distributed ledger technology (DLT) or simply blockchain technology; …

A recent note from Jeff Weiler, Executive Director of Fairfax County Retirement Systems, revealed that the employees and Police Officers Retirement Systems have invested in distributed ledger technology (DLT) or simply blockchain technology; the same technology about which cryptocurrencies like Bitcoin, Ethereum, Litecoin etc. are based.

A number of questions have been raised in order to understand this blockchain investment, and Weiler and the investment team have tried to answer many of them in the note released on the Fairfax county Gov website.

The employees and Police Retirement Systems have invested in one of the blockchain-based funds managed by Morgan Creek Asset Management company. The company is established in Chapel Hill, North Carolina and has a total of $1.4 billion in asset under management through a number of equities & debts fund. Morgan Creek Blockchain Opportunities Fund is one of them and that’s where Fairfax has invested certain percent of the total assets.

The ERS or Employees’ Retirement System has invested 0.3% of the ERS’s total assets which is about $10 million. In addition, the Police Officers Retirement System (PORS) has invested 0.8% of POR’s total assets which is around $11 million.

Talking about Morgan Creek Blockchain Opportunities Fund, currently the fund has no direct exposure to any cryptocurrencies. Similar to thematic equity funds, this Morgan Creek fund will invest in companies that develop and utilize blockchain technology. At least 85% of the Morgan Creek Blockchain Opportunities Fund will be invested in these blockchain firms limiting the direct crypto exposure to 15%.

The staff and Board of Trustees members of both the ERS and the PORS have spent a significant amount of time and effort to make this investment happen. They approached the Morgan Creek team directly through regular monthly meetings which included a long discussion among the board members, staff, and Morgan Creek itself. County attorneys and outside investment counsel spent a lot of time and energy to ensure that the Fairfax County’s interests were answered.

On the associated risk with these investments, Weiler has also said that almost every investment is subjected to risk and this investment is no different. However, Fairfax’s investment team has made it sure that the expected returns from this investment are worth taking the risk.

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Tezos (XTZ) Price Hits 1-Month High After Week-Long Rally

Tezos (XTZ), a blockchain platform that features a self-evolving upgrade system, has quietly been one of the best performing large-cap …
Voyager

Tezos (XTZ), a blockchain platform that features a self-evolving upgrade system, has quietly been one of the best performing large-cap cryptocurrencies over the past week.

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