The world of business is rapidly transforming and blockchain technology is one of the key factors driving that change. Since its conceptualization for the development of Bitcoin in 2008, the interest in this technology has exponentially increased and expanded into many different industries, with its global market predicted to grow to USD 2.3 billion by 2021. The promise of an encrypted digital solution, capable of democratizing entire sectors, is galvanizing advocates of what has been called the Fourth Industrial Revolution.
The purpose of this paper is to provide an overview of the potential applications of blockchain in the renewable energy space and to reflect on how utilities in the GCC could approach the shift towards a renewable, decentralized, and local power grid.
