Blockchain in energy

Nikolaos Papamatthaiou

Chapter 9 in Elgar Encyclopedia of Energy Economics, 2025, pp 36-40 from Edward Elgar Publishing

Abstract: Blockchain technology is a decentralized, distributed and digital system of recording transactions and data in blockchains without a centralized control authority. It has its roots in cryptography and data verification, with the cryptocurrency Bitcoin being its first practical application in 2008. Key features include transparency, integrity of immutable records, speed of transactions and smart automated contracts. Significant benefits include enhanced security, transparency, reduced costs, improved traceability and analytical capabilities. However, it also faces challenges related to technological maturity, high implementation costs, an unstable legal framework and privacy issues. Blockchain technology can significantly contribute to energy efficiency by accurately recording and monitoring energy consumption, enabling optimization, personalization and transparency in energy management, and supporting the energy transition. By leveraging blockchain technology, smart energy monitoring systems can be created that accurately record energy consumption at various levels, allowing real-time monitoring and access to immutable data. These systems act as a decentralised, replicable and immutable log, providing security and transparency in data exchange in the energy sector.

Keywords: Blockchain; Decentralised; Transaction Ledger; Security; Transparency; Energy Efficiency (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035310364
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