Gulf region’s Burgeoning renewable energy sector should leverage blockchain
Blockchain can help make the renewable energy market infrastructure in the Gulf countries safer, more resilient, and cost-effective.
This opinion was expressed by experts from the American consulting company Booz Allen Hamilton. According to the report, by 2030, the Gulf Cooperation Council (GCC) intends to install renewable energy sources with a capacity of 80 gigawatts (GW) in its six member states.
To get 50 % of world energy from renewable sources by 2050, Booz Allen Hamilton, whose reported in the first three quarters of fiscal 2019 was almost $ 5 billion, chooses the blockchain as the most efficient technology to solve technical, managerial and institutional issues.
According to Adam Sleiman, CEO of Booz Allen Hamilton in the Middle East and North Africa, the renewable energy sector is particularly well suited for this technology, since its system is transactional and is currently dependent on central government.
- "DER are changing the landscape; we are moving towards a more decentralised grid, where utilities no longer fully control the system. Utilities now need to look beyond energy delivery. Blockchain applications can help with enabling P2P energy trading, tracking renewable energy, and articulating smart contracts.” said Sleiman.
He also called the blockchain "a major disruptive change that the energy sector may face within the next 10 years."
Rafael Mateo, a senior associate at a consulting company in Dubai, (Rafael Mateo) noted that the local Electricity and Water Authority (Dewa) and Road Transport Authority (RTA) have already tested the blockchain and smart contracts. In general, for the energy sector, Mateo suggested introducing the blockchain as part of the tracking tools.
Besides, in January, the giant Spanish energy firm Iberdrola began using the blockchain to monitor and track sustainable energy sources using the open source blockchain platform from Energy Web Foundation (EWF). In November, the division of the German technology giant Siemens on energy management and energy supply became a member of the EWF to promote the decentralization of the energy sector.
In Asia, South Korea’s largest electricity supplier, KEPCO, is set to use the blockchain to develop an environmentally friendly microgrid, while the Singaporean utility company SP Group uses the technology to trade in solar energy.