Blockchain Technology for Renewable Energy: Principles, Applications and Prospects

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.

Systematic literature review on technological transformation in SMEs: a transformation encompassing technology assimilation and business model innovation

“…The unfavorable regulatory landscape restricts technological transformation due to: policies that do not attach importance or urgency to technologies (Rozmi et al 2020), lack of government support (Indrawati et al 2020), differences in legal and regulatory environments in cross-border transactions (Gatautis and Vitkauskaite 2009), and lack of regulation for new technology (Bracci et al 2022). For example, recent studies show how the lack of regulation hampers the use of blockchain technologies Juszczyk and Shahzad 2022). Moreover, SMEs can be challenged by the lack of access to finance, especially for new organizations .…”

Analysis of the Risks of Using the Blockchain Technology in the Accounting and Audit of a Fuel and Energy Complex Enterprise

“…It is also worth highlighting studies that systematize the directions and areas of application of blockchain by fuel and energy companies. Juszczyk and Shahzad (2022) identify areas of the energy business where blockchains may have the greatest impact, such as energy accounting and legal agreements, anti-counterfeiting, logistics, transparency in tracking energy costs, or creating new markets for energy trading. It is noted that in these areas, blockchain helps automate and facilitate business processes.…”

Opportunities for use of crypto-assets in renewable energy sector within European Union legal framework

“…In the opinion of the authors, sustainability standards (perhaps voluntary) [18] are also one of the prerequisites for further reducing the impact of crypto-assets on the environment, which could lead to a decrease in demand for unsustainably obtained crypto-assets from customers who consciously choose sustainable investments. Therefore, the use of RES in the "mining" of crypto-assets could develop, also because of the creation of a regulatory framework, increasing trust in this technology, as well as the growing need for decentralized energy management systems, since RE production occurs locally, and not using centralized, monopolized systems [19].…”