Blockchain Technology for Renewable Energy: Principles, Applications and Prospects

Oskar Juszczyk and Khuram Shahzad
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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

Energies, 2022, vol. 15, issue 13, 1-24

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.

Keywords: blockchain; technology adoption; business models; peer-to-peer (P2P); distributed energy; smart contract; energy digitalization; renewable energy; circular economy; Finland (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
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (11)

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