3 Major Principals Referred by Miners in Blockchain in Energy Market

A blockchain is known as a distributed database that maintains all kinds of records. All transactions are stored in ‘blocks’ and once a block is completed, a new block is formed. The blocks are added linear and chronological order in a blockchain. These blocks are chained together through cryptography, thus making it nearly impossible for any individual to tamper with them without being detected.

The blockchain technology works on certain principals and there are certain methods that are being followed to verify the authenticity of each transaction without involving any third party in it. These methods include Proof of Work (PoW), Proof of Stake (PoS), and Proof of Authority (PoA).

In the Proof of work method the quantity of work done by the miner determines the probability of mining a block. Therefore, a vast amount of electricity and computer data is used by the miners for finding a solution. However, there are several concerns related to the Proof of Work mechanism. One of the major concerns is the power consumption required for mining.

Another method for achieving consensus in this system is called the Proof of Stake (PoS) mechanism. In this system, a person holding some shares can only take part invalidating that percentage of transactions. PoS mechanism is much faster and new blocks can be added within seconds. However, this system suffers from nothing-at-stake problem where block generators vote for multiple things, which prevent the consensus from ever resolving.

Proof of Authority (PoA) is third consensus mechanism, wherein, the nodes validating blocks are the only ones explicitly allowed to preserve the staking concept. PoA is an updated form of PoS where instead of stake with the monetary value, a validator’s identity performs the role of stake. Staking identity means disclosing one’s identity voluntarily in exchange for the right to validate the blocks. The identity at stake can serve as a proofing concept, understood and valued the same by all actors. Individuals whose identity is at stake for the securing of a network are incentivized to preserve the network.

Based on the market intelligence published by BIS Research, the global blockchain in energy market generated a revenue of $724.2 million in 2019 and is projected to reach $6.29 billion by the end of 2024. The market is expected to grow at a CAGR of 54.09% during the forecast period from 2019 to 2024.

Further, this market growth is due to the rising awareness among governments related to the need for mitigating power outages while also taking care of the environment. The increasing awareness in the market related to the opportunities present in renewable energy and battery storage systems has spurred large-scale investments in the sector over the last decade.

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