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Blockchain Technology: Opportunities For The Energy Sector

Author

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  • Manuela Unguru

Abstract

The blockchain technology, well-known for Bitcoin, can bring major benefits to various economic sectors, including energy. Firstly, by cutting out intermediaries, the adoption of blockchain in energy sector would lead to huge savings, accelerated processes and higher flexibility of the system. Secondly, the direct involvement of participants to the network, as „prosumers” (producers and consumers in the same time), would allow for profitable integration of renewable energy into the grid. Last but not least, blockchain technology could accelerate investments in energy efficiency, thus contributing to alleviate the negative effects of climate change.The large-scale adoption of blockchain technology in energy sector is a scenario hard-to-accept, especially for the big players on this market. Nevertheless, it would be a revolutionary change at the system level and the consumers would have much to gain. Undoubtedly, there are risks and limitations of this scenario, but the biggest obstacles to implement it will probably be those beyond the technological constraints

Suggested Citation

  • Manuela Unguru, 2018. "Blockchain Technology: Opportunities For The Energy Sector," Euroinfo, Institute for World Economy, Romanian Academy, vol. 2(1), pages 53-58, January.
    • Handle: RePEc:iem:eurinf:v:2:y:2018:i:1:p:53-58
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    File URL: http://www.iem.ro/rem/index.php/euroinfo/article/view/620/700
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    Cited by:

    1. Bogdan-Constantin Neagu & Ovidiu Ivanov & Gheorghe Grigoras & Mihai Gavrilas & Dumitru-Marcel Istrate, 2020. "New Market Model with Social and Commercial Tiers for Improved Prosumer Trading in Microgrids," Sustainability, MDPI, vol. 12(18), pages 1-43, September.

    More about this item

    Keywords

    energy demand and supply; choice of technology; technological change;
    All these keywords.

    JEL classification:

    • Q41 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Demand and Supply; Prices
    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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