Blockchain-Based Smart Renewable Energy: Review of Operational and Transactional Challenges

Jagdish Prasad Nepal, Nuttaya Yuangyai, Saroj Gyawali and Chumpol Yuangyai
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Jagdish Prasad Nepal: Faculty of Environment Management, Prince of Songkla University, Songkhla 90110, Thailand
Nuttaya Yuangyai: Faculty of Environment Management, Prince of Songkla University, Songkhla 90110, Thailand
Saroj Gyawali: Sustainable Study Research Institute, Kathmandu 00977, Nepal
Chumpol Yuangyai: School of Engineering, King Mongkut’s Institute of Technology Ladkrabang, Bangkok 10520, Thailand

Energies, 2022, vol. 15, issue 13, 1-21

Abstract: Blockchain has peculiar characteristics among various digital technologies due to its decentralised and cryptographic properties. The combination of intelligent energy systems and blockchain can innovate new forms of transactive energy and navigate the digital journey to transform the future of renewable energy systems. This review studies various blockchain implementations in the smart energy domain and presents the findings on operational and transactional challenges in a blockchain-based smart renewable energy system. We also identify the differences between operations and transactions in smart energy systems. Furthermore, we identify the most pronounced cryptocurrencies in different studies. The findings highlighted various challenges concerning the implementation of blockchain-based smart energy systems. We identified how these challenges spawn across operational and transactional deliverables. Building on these findings, we discuss various challenges impacting the operational and transactional domains, which we believe have significant value for researchers, practitioners, policy makers, entrepreneurs, and start-ups. It will provide long-term benefits to humankind in fulfilling energy requirements, promoting sustainable energy use by developing countermeasures to combat identified challenges and leveraging the optimal use of blockchain technology.

Keywords: blockchain; smart energy; transactive energy; transaction challenges; operation challenges; smart energy (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2022
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