More and more traditional energy stakeholders are experimenting with blockchain technology. Whether in house or in partnership with an industry consortium or energy blockchain startup, EV charging and integration use cases have emerged as technologically sound and feasible within the regulatory and technical constraints of the energy system. According to a new Guidehouse Insights report, the combined market for blockchain-based EV charging and grid integration is expected to exceed $1 billion by 2029 at a 77.9% compound annual growth rate (CAGR).
The potential for blockchain technology as a positive force in EV charging and integration, and in mobility and transportation overall, should not be underestimated, said Johnathon de Villier, research analyst with Guidehouse Insights. He also added that, beyond contributing efficiencies to the information management layer of EV charging and integration solutions, blockchain technology can enable owners of EVs to take advantage of new revenue streams in the form of peer-to-peer charging applications and grid services.
According to the report, EV charging and integration use cases for blockchain technology benefit from clear technological objectives and a straightforward development roadmap. This roadmap begins with one-way charging services and grows in complexity toward the full integration of EVs into the grid as distributed assets capable of responding to grid signals and providing auxiliary services such as frequency regulation and demand response.