Electricity Usage Settlement System Based on a Cryptocurrency Instrument

Sławomir Bielecki (), Tadeusz Skoczkowski, Lidia Sobczak and Marcin Wołowicz
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Sławomir Bielecki: Faculty of Power and Aeronautical Engineering, Warsaw University of Technology, 21/25 Nowowiejska St., 00-665 Warsaw, Poland
Tadeusz Skoczkowski: Faculty of Power and Aeronautical Engineering, Warsaw University of Technology, 21/25 Nowowiejska St., 00-665 Warsaw, Poland
Lidia Sobczak: Faculty of Management, Warsaw University of Technology, 85 Narbutta St., 02-524 Warsaw, Poland
Marcin Wołowicz: Faculty of Power and Aeronautical Engineering, Warsaw University of Technology, 21/25 Nowowiejska St., 00-665 Warsaw, Poland

Energies, 2022, vol. 15, issue 19, 1-35

Abstract: This article reviews the issue of the use of cryptocurrencies (crypto-assets, in general) for an electricity settlement system. The development of digital techniques, including blockchain-based mechanisms, has meant that an increased interest in blockchain-based solutions is to be expected. Blockchain and similar approaches are characterised by decentralisation, so they are concurrent with the trends of the transforming power sector. Decentralised energy generation based on a high proportion of prosumer installations requires the implementation of a new settlement system for grid activities related to electricity use. The first projects of such systems based on a dedicated cryptocurrency have emerged. Based on these, the general concept of such a system with its own cryptocurrency called CCE is presented, including variants implementing net-metering and net-billing. Furthermore, issues requiring interdisciplinary research work and discussion before implementing such systems were identified. A settlement system in which a cryptocurrency is linked to a unit of energy used could be a first step towards introducing a new universal means of value exchange, linked to energy as the primary measure of the value of goods.

Keywords: cryptocurrency; cryptocoin; energy settlements; energy market; blockchain; DLT; prosumer; smart grid; smart contract; electricity user (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 (1)

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