Energy industry among all of the other major industries is involved in the production and the selling of energy that includes extraction of fuel, manufacturing of synthetic fuel refining and distribution of it. At the current day and age, the vast populous consumes huge amounts of fuel, which makes energy industry is a crucial part of the infrastructure and maintenance of society in almost all nations.
Energy industry on the whole comprises of
- Gas industry that including Natural gas extraction, Coal gas manufacture, as well as sales and distribution
- Petroleum industry that includes Oil corporations, Crude oil storage, petroleum refineries, transportation and final end-user retail sales at gas stations
- Natural coal and lignite industry that includes mining
- Electrical power industry that includes Electricity generation (different modes of generation), Electric power distribution through grids.
- Nuclear power industry from research to nuclear plants.
- Renewable energy industry that comprises of alternative and sustainable energy companies that includes generation methods involving hydroelectric, solar and wind power generation, storage, distribution and the sale of alternative fuels.
- Traditional energy industry that is based on the collection and distribution of firewood and coal, the use of which, for cooking and heating, is particularly common in poorer countries and in most countries for thermal power generation.
The integration of renewable energy is the major preoccupation in most countries. Blockchain would help simplify this by decentralizing electricity network among individuals along with their platform and networking capabilities. With the introduction of blockchain technology in the energy industry promises to speed up things in a radical manner and transform the processes and markets in the industry; as of the current period there are two possible implications of blockchain technology in the energy industry.
Peer to peer energy trading model
Cryptocurrency for monetary payments