Energy management processes are becoming increasingly digitalised, from e-auctions and the introduction of blockchain in the industry, to new energy management software and smart meters. The involvement of artificial intelligence (AI) is something else which is becoming more prevalent in the energy world, along with discussions surrounding the Internet of Things and interconnection between smart devices. Advances in technology inevitably lead to cyberattacks, threats to data protection, and generally create another area of worry for consumers. However, if we can begin to tackle some of these issues, it’s clear to see that the phenomenon of digitalisation and technological advancements in the energy industry is largely positive.
Last winter, we published a series of articles discussing the digitalisation of energy management. We covered a range of topics from blockchain, to the Internet of Things, to the rise of energy management systems. Technology is rapidly advancing and industries must keep pace with the change in order to operate effectively.
Quick facts:
- Blockchain was founded in 2008
- In 2017, the market value of blockchain was $708 million
- The average investment in blockchain projects during 2017 was $1 million per investor
- The projected market value by 2020 is $60 billion
- Predicted market worth for blockchain by 2020 is a huge $20 billion
Monarch Explains: Blockchain and the Internet of Things
Understanding blockchain can be a tricky business, particularly as it’s an industry which is developing and changing all the time. In this Monarch Explains guide, we discuss the Internet of Things and how it facilitates the growth of smart meters and the electric vehicle industry. We also take a look at how e-auctions are shaking up procurement processes and what blockchain might mean for domestic grid networks. It’s been predicted that the next decade or so will be when blockchain reaches its full potential, so looking at its impact now and how it will change the energy industry as we know it is very exciting. Take a look at our “Monarch Explains: Blockchain and the Internet of Things” guide below:
If you would like to talk about energy procurement options and maximising your energy efficiency, get in touch with us to talk about how we can help.
Have a read of our Digitalisation of Energy Management article series:
Digitalisation of energy management: Blockchain and E-auctions
