Investors in the cryptocurrency worlds have poured a total of $300 million since the third quarter start into the applications and the programs which let people purchase and sell energy using cryptocurrencies. This is according to the GTM research.

Half of this amount was raised and received in January. Currently, there are around 122 organizations which are involved in the development of products and also services meant for the energy industry. This is according to a report released on Monday by a Boston based company.

The organizations are betting that individuals in the world will adopt using Bitcoin and the other encrypted cryptocurrencies for each and everything from the selling of solar power from rooftop installed panels to the charging of electric cars. This is according to Colleen Metelitsa who is a grid analyst in GTM. Additionally, most of the organizations are involved I the design of systems which run on top of the blockchain layer which can then use various types of digital currencies.

“There’s something alluring about blockchain’s ability to disintermediate the utility,” Metelitsa said in a statement.

Most of the nascent market participants are in the development of various tools to be used for peer to peer energy transactions. The other types of blockchain transactions include the trading of renewable energy credits or rather wholesale energy. Additionally, the providers of fuel cards mean for fleet vehicles WEX Inc. and FleetCor Technologies Inc. are also in expectation of exploring the blockchain transactions.

The utilities and the backers expect that the set technologies will help in the acceleration of the financial transactions and also improve efficiency. However, it has not been set clear if the investments might pay off. This is according to a statement delivered by Metelitsa.

“It is yet to be proven that blockchain can increase efficiency or add value to key utility platform solutions,” Metelitsa said in a statement.