Energy blockchain technology market to grow by $919.5mn

The use of blockchain technology to prevent failure in power grids is driving the blockchain technology in energy market growth finds Technavio research

The size of the blockchain technology in energy market is anticipated to grow by US$919.5mn from 2021 to 2026 and expected to accelerate at a CAGR of 66.37% during the forecast period, according to Technavio research.

The use of blockchain technology to prevent failure in power grids is driving the blockchain technology in energy market growth. However, factors such as the high cost of implementing and maintaining blockchain technology may challenge the market growth.

The forecasts coincide with Certihash's project launch to develop "Sentinel Node", the first of a suite of five blockchain-empowered enterprise utility applications, based on the National Institute of Standards and Technology (NIST) cybersecurity framework.

Certihash selected IBM Consulting to assist with the software design and development. As part of this project, IBM Consulting will use a proven network design framework and draw from their vast experience in delivering decentralized applications to enterprises, to work on state of the art decentralized cybersecurity infrastructure.

Cyber-attacks continue to increase globally in frequency and impact, challenging operations, customer service, reputation, regulatory compliance, and financial stability. According to  Ponemon's 2021 "Cost of a Data Breach Report", sponsored by IBM, it requires an average of 212 days to identify a data breach and an average of 75 days to contain it (287 days total), increasing the total time by one week since the prior year's report.

Of the 537 real breaches across seventeen countries the report studied, data breach costs significantly increased year-over-year, from US$3.86mn in 2020 to US$4.24mn in 2021. The United States had the highest average total cost of a data breach, eclipsing US$9mn.

"Over the last decade, technology has struggled to effectively prevent and consistently detect cybersecurity breaches. 'Sentinel Node', which is the first of five planned Certihash releases, represents our innovative solution for real-time detection of network anomalies and events. Cybersecurity is no longer about prevention alone, it is about detection at the earliest possible moment," said Bryan Daugherty, co-creator of Certihash.

"As the time to identify network breaches lengthen and cyber-attacks continue to occur in greater intensity and frequency, fresh solutions are required to replace the lack of confidentiality, integrity and availability in our networks and data. Sentinel Node will provide an entirely new level of cyber threat detection and alerting," Daugherty continued.

For over two years, Certihash has been working on the technology behind the scenes and plans to launch its 'Sentinel Node' solution worldwide in the next six months. IBM Consulting, who will be assisting in the project, has vast experience in implementing enterprise grade, decentralised applications, where security considerations are critical, including the energy sector.

Algorand claims it will implement the first smart contract to automate the offsetting of carbon emissions. Doubling down on its commitment to the environment, the network's new self-sustaining smart contract automatically allocates a portion of every transaction fee to offset its carbon emissions.

"Climate change is among the most pressing issues the world faces today. Efficiency and a minimal energy consumption footprint simply must be table stakes for all enduring future technology," said Naveed Ihsanullah, Vice President of Engineering Research at Algorand.

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