The race for sustainable energy has only accelerated in recent years throughout the Cooperation Council for the Arab States of the Gulf – originally and still most commonly known as the Gulf Cooperation Council (GCC) – and experts say energy players would do well to harness the power of blockchain technology in the face of potentially disruptive trends.
The world is set to generate 50 percent of its energy from renewable sources by the year 2050. With demand for electricity in the GCC expected to continue growing rapidly, renewables have become crucial to government plans seeking to diversify domestic energy.
The council is seeking to install 80 gigawatts (GW) of renewable energy capacity across all of its member states by 2030, accounting for over half of the union’s current conventional capacity.
U.S.-based tech consultancy firm Booz Allen Hamilton has made the case that blockchain technology can provide a more secure, resilient, and cost-efficient infrastructure for renewable energy markets throughout the GCC region.
As noted by Dr. Adham Sleiman, Vice President at Booz Allen Hamilton Middle East and North Africa, the renewable energy sector is especially well-suited for blockchain, as the system is transactional for electricity and fares, while relying on a central authority in the form of utility operators. The system is however expected to gradually become more decentralized due to distributed energy resources (DERs), which Adham said are changing the landscape towards a grid where utilities no longer control the system in its entirety.
Successful blockchain pilots have been trialed in the operation of charging stations for electric vehicles, allowing for fully automated and worldwide authenticated charging and billing solutions without the involvement of intermediaries.
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