In recent years, blockchain has begun rising to the fore, with a whole host of industries and sectors discovering the potential applications of the groundbreaking technology – not least amongst them, Energy. Against this backdrop, Booz Allen Hamilton recently launched a Viewpoint that unpacks blockchain technology and explores how the GCC’s energy sector can embrace it as part of the region-wide push towards a renewable future.
Entitled ‘Energy Unchained: Unleashing the Power of Blockchain’, the Viewpoint provides an overview of blockchain’s potential uses in the renewable energy space and considers how GCC utilities can approach the shift towards a renewable, decentralized and local power grid.
Throughout the Viewpoint, Booz Allen experts draw on research and first-hand experience to uncover how the region’s utilities can retain their competitive advantage on a rapidly transforming landscape, and leverage blockchain to unlock new sources of value for customers and stakeholders alike.
At a Glance
The Potential: The global blockchain market is expected to hit US$2.3 billion by 2021 and with clear use cases emerging in the renewables space, it could prove a game-changer in the energy sector.
The Challenges: Sustainable success requires stakeholder buy-in, effective institutional frameworks, reliable financing for innovation and infrastructure development, and solutions to the uncertainty created by variability in renewable energy generation.
The Solutions: Booz Allen has identified three ways in which blockchain can facilitate the integration of renewable energy in the GCC’s electricity grids: peer-to-peer (P2P) trading, tracking of renewable energy certificates (RECs), and the introduction of smart contracts. In addition to exploring how the region’s utilities can harness these facilitators, the Viewpoint provides recommendations on looking beyond energy delivery, solving real business needs, scalability and developing key enablers