Unblocking the Blockchain: Innovations Revolutionizing the Energy and Industrial Sectors

An Overview and Impact Assessment on Energy and Industrial Applications
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Published: 27 Sep 2018

The rising demand for faster and secure payments by banks and end-users along with full transparency has made Blockchain one of the fastest growing technology market in the world. Banks are investing heavily in R&D activity related to verifying and recording finance transactions. Also, major US technology companies such as IBM, Microsoft, and startup innovators are developing Blockchain-based services and applications, thereby driving the global Blockchain development market. Blockchain technology is positioned to meet the increasingly complex demands of the digital-first future through smart contract capabilities, middlemen elimination and provenance and consensus on all transactions. Blockchain greatly reduces transaction costs by eliminating middlemen along the supply chain. This is a key factor that will drive the adoption of this technology across all industries. Blockchain is capable of resolving issues prevalent across industry sectors by introducing Blockchain-based micro payments and contract pricing models, thereby eliminating the transaction cost. In brief, this research service covers the following points: Blockchain– An overview Drivers and challenges for Blockchain adoption Blockchain-based Energy and Industrial Applications and its impact Use case by Energy and Industrial Sectors Patent, adoption trends, and key funding initiatives

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