The global electricity market is estimated to be worth about 2 trillion dollars and is primarily monopolized by a few corporations. These monopolies and oligopolies’ lack of transparency and lack of competition affect prices and consumer trust.
The grip these monopolies have is weakening as more and more people are generating their own solar and wind energy. Smart grids allow prosumers, (energy producers that also consume a portion of energy as well) to sell their excess power to others. The Blockchain is helping move this forward by allowing all transactions to be securely stored on the distributed ledger and executed with Smart Contracts.
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