Electric vehicles (EVs) are garnering a big slice of the proverbial pie in the quickly evolving transportation market. As consumers choose green vehicles over carbon-emitting autos, electric vehicles are gaining prominence as an environmentally friendly choice. Exploding sales numbers for electric vehicles continue to rise, but the infrastructure to support charging the EVs on the road is lacking. Let’s explore how the industry leaders are innovating charging systems to automate EV charging globally.
Peer to Peer Payment
With a market valued at more than $73 million, peer-to-peer EV charging is expected to grow nearly 22% annually. With the advent of the peer-to-peer EV market, users pay for vehicle charging. However, transparency issues result in trust concerns. Since the market is relatively new, few laws exist to regulate charging and electricity usage.
Service providers may overcharge customers. Innovators are turning to blockchain to combat fraud in the EV charging market, which opens opportunities for a forward-thinking blockchain expert to develop a career in e-mobility. Addressing issues with privacy, a blockchain-based peer-to-peer system for trading electricity for payment revolutionizes the industry. Users may pay via an electronic payment method. Such a system promotes transparent transactions among all EV stakeholders. As lawmakers begin developing the infrastructure to support broad electric car usage, a blockchain-based payment system may set the foundation to prevent overcharging and fraud.
As a financially reasonable option, blockchain P2P trading for energy is credible due to the widespread use of blockchain technology globally. The decentralized system affords users the ability to securely manage charging and personal transactions. With smart contracts on the blockchain system, transactions occur instantaneously and are automatically processed. For electric vehicles, such a system addresses current problems related to human-powered EV charging. The secure blockchain system has several benefits applicable to EV technology, which innovators are working to incorporate into transportation infrastructures. Cryptocurrency’s success serves as a model to promote the credibility of implementing smart contracts in global EV applications.
Secondary Markets
Growing EV numbers are sparking a demand for solutions, and the charging market is expected to skyrocket in the next five years. With EV charging occurring at both private residences and commercial businesses, expansion is assured. Private companies are rising to the challenge, with some committing to install charging outlets at businesses, malls, and apartment complexes. These changes to the charging market are expected to spark a career in e-mobility for innovative EV enthusiasts and continued growth in the EV automobile sales market. Software developers are partnering with major corporations to cover the costs associated with building charging station infrastructures.
These joint alliances promote global growth for research and development in the market. As major players seek to implement cloud-based smart technology, investors are developing products to improve how consumers charge EV vehicles. Investment in secondary markets is growing as financial institutions recognize the rapid expansion of the global EV charging landscape.