Revolutionizing Electric Utilities: The Transformative Potential of Blockchain Technology

Rajesh Kolli

International Journal of Scientific Research in Computer Science, Engineering and Information Technology, 2024, vol. 10, issue 5, 432-439

Abstract: This article explores the transformative potential of blockchain technology in the electric utility industry, a sector valued at $2.4 trillion globally. It examines how blockchain addresses critical challenges in grid management, renewable energy integration, customer engagement, and security. The study highlights blockchain's ability to enhance operational efficiency, facilitate peer-to-peer energy trading, improve customer satisfaction, and reduce fraud. Key benefits include potential grid efficiency improvements of up to 30%, increased local renewable energy consumption by 35-40%, and significant reductions in billing errors and customer complaints. Despite challenges such as high infrastructure costs, regulatory hurdles, and scalability concerns, the blockchain in energy market is projected to reach $34.7 billion by 2029, with experts predicting it will play a crucial role in shaping the future of utilities. The article provides a comprehensive overview of blockchain's applications, benefits, and challenges in the utility sector, supported by industry data and expert predictions.

Keywords: Blockchain; Electric Utilities; Renewable Energy Integration; Grid Management; Energy Security (search for similar items in EconPapers)
Date: 2024
Note: Article URL: https://ijsrcseit.com/home/article/view/CSEIT241051030
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Persistent link: https://EconPapers.repec.org/RePEc:jbh:ijsrcs:v10:y2024:i5:id:330

DOI: 10.32628/CSEIT241051030

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