IDEAS home Printed from https://ideas.repec.org/a/eee/appene/v195y2017icp234-246.html
   My bibliography  Save this article

Blockchain technology in the chemical industry: Machine-to-machine electricity market

Author

Listed:
  • Sikorski, Janusz J.
  • Haughton, Joy
  • Kraft, Markus

Abstract

The purpose of this paper is to explore applications of blockchain technology related to the 4th Industrial Revolution (Industry 4.0) and to present an example where blockchain is employed to facilitate machine-to-machine (M2M) interactions and establish a M2M electricity market in the context of the chemical industry. The presented scenario includes two electricity producers and one electricity consumer trading with each other over a blockchain. All participants are supplied with realistic data produced by process flow sheet models. This work contributes a proof-of-concept implementation of the scenario. Additionally, this paper describes and discusses the research and application landscape of blockchain technology in relation to the Industry 4.0. It concludes that this technology has significant under-researched potential to support and enhance the efficiency gains of the revolution and identifies areas for future research.

Suggested Citation

  • Sikorski, Janusz J. & Haughton, Joy & Kraft, Markus, 2017. "Blockchain technology in the chemical industry: Machine-to-machine electricity market," Applied Energy, Elsevier, vol. 195(C), pages 234-246.
    • Handle: RePEc:eee:appene:v:195:y:2017:i:c:p:234-246
    DOI: 10.1016/j.apenergy.2017.03.039
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0306261917302672
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.apenergy.2017.03.039?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Richard J. Green, 2008. "Electricity Wholesale Markets: Designs Now and in a Low-carbon Future," The Energy Journal, International Association for Energy Economics, vol. 0(Special I), pages 95-124.
    2. Woo, C.K. & Sreedharan, P. & Hargreaves, J. & Kahrl, F. & Wang, J. & Horowitz, I., 2014. "A review of electricity product differentiation," Applied Energy, Elsevier, vol. 114(C), pages 262-272.
    3. Wang, Qi & Zhang, Chunyu & Ding, Yi & Xydis, George & Wang, Jianhui & Østergaard, Jacob, 2015. "Review of real-time electricity markets for integrating Distributed Energy Resources and Demand Response," Applied Energy, Elsevier, vol. 138(C), pages 695-706.
    4. Joung, Manho & Kim, Jinho, 2013. "Assessing demand response and smart metering impacts on long-term electricity market prices and system reliability," Applied Energy, Elsevier, vol. 101(C), pages 441-448.
    5. Christian Bizer & Tom Heath & Tim Berners-Lee, 2009. "Linked Data - The Story So Far," International Journal on Semantic Web and Information Systems (IJSWIS), IGI Global, vol. 5(3), pages 1-22, July.
    6. Rudberg, Martin & Waldemarsson, Martin & Lidestam, Helene, 2013. "Strategic perspectives on energy management: A case study in the process industry," Applied Energy, Elsevier, vol. 104(C), pages 487-496.
    7. Moreno, Blanca & García-Álvarez, María Teresa & Ramos, Carmen & Fernández-Vázquez, Esteban, 2014. "A General Maximum Entropy Econometric approach to model industrial electricity prices in Spain: A challenge for the competitiveness," Applied Energy, Elsevier, vol. 135(C), pages 815-824.
    8. Thollander, Patrik & Karlsson, Magnus & Söderström, Mats & Creutz, Dan, 2005. "Reducing industrial energy costs through energy-efficiency measures in a liberalized European electricity market: case study of a Swedish iron foundry," Applied Energy, Elsevier, vol. 81(2), pages 115-126, June.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. May, Gökan & Barletta, Ilaria & Stahl, Bojan & Taisch, Marco, 2015. "Energy management in production: A novel method to develop key performance indicators for improving energy efficiency," Applied Energy, Elsevier, vol. 149(C), pages 46-61.
    2. Hussein Jumma Jabir & Jiashen Teh & Dahaman Ishak & Hamza Abunima, 2018. "Impacts of Demand-Side Management on Electrical Power Systems: A Review," Energies, MDPI, vol. 11(5), pages 1-19, April.
    3. Paramonova, Svetlana & Thollander, Patrik, 2016. "Energy-efficiency networks for SMEs: Learning from the Swedish experience," Renewable and Sustainable Energy Reviews, Elsevier, vol. 65(C), pages 295-307.
    4. Ussama Assad & Muhammad Arshad Shehzad Hassan & Umar Farooq & Asif Kabir & Muhammad Zeeshan Khan & S. Sabahat H. Bukhari & Zain ul Abidin Jaffri & Judit Oláh & József Popp, 2022. "Smart Grid, Demand Response and Optimization: A Critical Review of Computational Methods," Energies, MDPI, vol. 15(6), pages 1-36, March.
    5. Behboodi, Sahand & Chassin, David P. & Crawford, Curran & Djilali, Ned, 2016. "Renewable resources portfolio optimization in the presence of demand response," Applied Energy, Elsevier, vol. 162(C), pages 139-148.
    6. Hwangbo, Soonho & Lee, In-Beum & Han, Jeehoon, 2016. "Multi-period stochastic mathematical model for the optimal design of integrated utility and hydrogen supply network under uncertainty in raw material prices," Energy, Elsevier, vol. 114(C), pages 418-430.
    7. Dong, Jun & Xue, Guiyuan & Li, Rong, 2016. "Demand response in China: Regulations, pilot projects and recommendations – A review," Renewable and Sustainable Energy Reviews, Elsevier, vol. 59(C), pages 13-27.
    8. Reza Nadimi & Masahito Takahashi & Koji Tokimatsu & Mika Goto, 2024. "The Reliability and Profitability of Virtual Power Plant with Short-Term Power Market Trading and Non-Spinning Reserve Diesel Generator," Energies, MDPI, vol. 17(9), pages 1-19, April.
    9. Elena Stefana & Paola Cocca & Filippo Marciano & Diana Rossi & Giuseppe Tomasoni, 2019. "A Review of Energy and Environmental Management Practices in Cast Iron Foundries to Increase Sustainability," Sustainability, MDPI, vol. 11(24), pages 1-18, December.
    10. Wang, Yi & Qiu, Dawei & Sun, Mingyang & Strbac, Goran & Gao, Zhiwei, 2023. "Secure energy management of multi-energy microgrid: A physical-informed safe reinforcement learning approach," Applied Energy, Elsevier, vol. 335(C).
    11. Fridgen, Gilbert & Keller, Robert & Körner, Marc-Fabian & Schöpf, Michael, 2020. "A holistic view on sector coupling," Energy Policy, Elsevier, vol. 147(C).
    12. Steggals, Will & Gross, Robert & Heptonstall, Philip, 2011. "Winds of change: How high wind penetrations will affect investment incentives in the GB electricity sector," Energy Policy, Elsevier, vol. 39(3), pages 1389-1396, March.
    13. Anne E Thessen & Cynthia Sims Parr, 2014. "Knowledge Extraction and Semantic Annotation of Text from the Encyclopedia of Life," PLOS ONE, Public Library of Science, vol. 9(3), pages 1-10, March.
    14. Hong, Gui-Bing & Ma, Chih-Ming & Chen, Hua-Wei & Chuang, Kai-Jen & Chang, Chang-Tang & Su, Te-Li, 2011. "Energy flow analysis in pulp and paper industry," Energy, Elsevier, vol. 36(5), pages 3063-3068.
    15. Raman, Gururaghav & Zhao, Bo & Peng, Jimmy Chih-Hsien & Weidlich, Matthias, 2022. "Adaptive incentive-based demand response with distributed non-compliance assessment," Applied Energy, Elsevier, vol. 326(C).
    16. Marques, António Cardoso & Fuinhas, José Alberto & Menegaki, Angeliki N., 2014. "Interactions between electricity generation sources and economic activity in Greece: A VECM approach," Applied Energy, Elsevier, vol. 132(C), pages 34-46.
    17. Kurt Sandkuhl & Hans-Georg Fill & Stijn Hoppenbrouwers & John Krogstie & Florian Matthes & Andreas Opdahl & Gerhard Schwabe & Ömer Uludag & Robert Winter, 2018. "From Expert Discipline to Common Practice: A Vision and Research Agenda for Extending the Reach of Enterprise Modeling," Business & Information Systems Engineering: The International Journal of WIRTSCHAFTSINFORMATIK, Springer;Gesellschaft für Informatik e.V. (GI), vol. 60(1), pages 69-80, February.
    18. Samira Shayanmehr & Jana Ivanič Porhajašová & Mária Babošová & Mahmood Sabouhi Sabouni & Hosein Mohammadi & Shida Rastegari Henneberry & Naser Shahnoushi Foroushani, 2022. "The Impacts of Climate Change on Water Resources and Crop Production in an Arid Region," Agriculture, MDPI, vol. 12(7), pages 1-22, July.
    19. Monica Aureliana Petcu & Eduard Madalin Dinu & Irina Daniela Cismasu & Raluca Andreea Popescu-Predulescu, 2023. "The Analysis of the Impact of Energy and Environmental Policies of the European Union on the Economic Performance of Companies. Case Study in the Transport Sector," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 25(63), pages 362-362, April.
    20. Gabriella Ferruzzi & Giorgio Graditi & Federico Rossi, 2020. "A joint approach for strategic bidding of a microgrid in energy and spinning reserve markets," Energy & Environment, , vol. 31(1), pages 88-115, February.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:appene:v:195:y:2017:i:c:p:234-246. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/wps/find/journaldescription.cws_home/405891/description#description .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.