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Blockchain Technology for Renewable Energy: Principles, Applications and Prospects

Author

Listed:
  • Oskar Juszczyk

    (Department of Production, School of Technology and Innovations, University of Vaasa, 65101 Vaasa, Finland)

  • Khuram Shahzad

    (Department of Production, School of Technology and Innovations, University of Vaasa, 65101 Vaasa, Finland
    Innovation and Entrepreneurship InnoLab, University of Vaasa, 65101 Vaasa, Finland)

Abstract

Blockchain, or distributed ledger, is an innovative technology that is emerging in various sectors and industries across the globe. It has attracted the attention of different interest groups such as energy companies, SMEs and start-ups, information technology developers, financial institutions, national authorities, and the university community. Through, for example, the decentralization of authority in transactions, Internet of Things (IoT) implementation, and smart contracting, the improvement of the daily business operations is firmly forecasted. In the energy sector, digitalization is already present in solutions such as smart grids, smart meters, electric vehicles, etc. Moreover, a new concept of the Internet of Energy (IoE) has been introduced in the academic literature. In this article, the level of trust and maturity of Blockchain technology implementation is investigated through the Blockchain Maturity Questionnaire, developed by the authors. The database consists of responses from upper management professionals from the renewable energy industry. The analysis reveals the state of know-how about Blockchain, the main benefits and bottlenecks associated with its implementation as well as willingness to integrate this technology in the case companies’ future operations. The insight from the industry experts helped to provide a “Roadmap for Blockchain Adoption” in future energy systems. This curiosity study yields numerous applications not only for the renewable energy industry experts but also for the interest groups coming from different industries, as well as public authorities and researchers scrutinizing the fields taken into its scope.

Suggested Citation

  • Oskar Juszczyk & Khuram Shahzad, 2022. "Blockchain Technology for Renewable Energy: Principles, Applications and Prospects," Energies, MDPI, vol. 15(13), pages 1-24, June.
    • Handle: RePEc:gam:jeners:v:15:y:2022:i:13:p:4603-:d:846252
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    References listed on IDEAS

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    Cited by:

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    2. Yang Li & Mengying Jiang & Mei Yu & Shouzhi Xu & Xiaojun Liu & Shirui Zhang & Jia Zhu & Shurui Peng & Zhongming Gu, 2024. "A Non-Transferable Trade Scheme of Green Power Based on Blockchain," Energies, MDPI, vol. 17(16), pages 1-17, August.
    3. Linyan Zhang & Chunhao Xu & Jian Zhang & Bingyin Lei & Anke Xie & Ning Shen & Yujie Li & Kaiye Gao, 2024. "An Innovative Double-Frontier Approach to Measure Sustainability Efficiency Based on an Energy Use and Operations Management Perspective," Energies, MDPI, vol. 17(16), pages 1-21, August.
    4. Musadag El Zein & Girma Gebresenbet, 2024. "Digitalization in the Renewable Energy Sector," Energies, MDPI, vol. 17(9), pages 1-20, April.
    5. Cezar Petre SIMION & Stefan Catalin POPA, 2023. "Digitalization Opportunities From The Perspective Of The Public Sector Organizations: A Systematic Literature Review," Proceedings of the INTERNATIONAL MANAGEMENT CONFERENCE, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 17(1), pages 15-27, November.
    6. Hosseini Dehshiri, Seyyed Jalaladdin & Amiri, Maghsoud & Mostafaeipour, Ali & Le, Ttu, 2024. "Integrating blockchain and strategic alliance in renewable energy supply chain toward sustainability: A comparative decision framework under uncertainty," Energy, Elsevier, vol. 304(C).
    7. Marta Biegańska, 2022. "IoT-Based Decentralized Energy Systems," Energies, MDPI, vol. 15(21), pages 1-20, October.
    8. Larysa Ivanchenkova & Liubov Shevtsiv & Lyazzat Beisenova & Aliya Shakharova & Temur Berdiyorov, 2023. "Analysis of the Risks of Using the Blockchain Technology in the Accounting and Audit of a Fuel and Energy Complex Enterprise," International Journal of Energy Economics and Policy, Econjournals, vol. 13(2), pages 316-321, March.
    9. Cezar-Petre Simion & Cătălin-Alexandru Verdeș & Alexandra-Andreea Mironescu & Florin-Gabriel Anghel, 2023. "Digitalization in Energy Production, Distribution, and Consumption: A Systematic Literature Review," Energies, MDPI, vol. 16(4), pages 1-30, February.

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