BLOCKCHAIN TECHNOLOGY: OPPORTUNITIES FOR THE ENERGY SECTOR

Manuela Unguru

Euroinfo, 2018, vol. 2, issue 1, 53-58

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

Keywords: energy demand and supply; choice of technology; technological change (search for similar items in EconPapers)
JEL-codes: O14 O33 Q41 (search for similar items in EconPapers)
Date: 2018
References: Add references at CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://www.iem.ro/rem/index.php/euroinfo/article/view/620/700 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:iem:eurinf:v:2:y:2018:i:1:p:53-58

Access Statistics for this article

Euroinfo is currently edited by Simona Moagar Poladian, PhD

More articles in Euroinfo from Institute for World Economy, Romanian Academy Contact information at EDIRC.
Bibliographic data for series maintained by Ionela Baltatescu ( this e-mail address is bad, please contact ).