Challenges and opportunities of blockchain energy applications: Interrelatedness among technological, economic, social, environmental, and institutional dimensions

Ahl, Amanda; Goto, Mika; Yarime, Masaru; Tanaka, Kenji; Sagawa, Daishi

doi:10.1016/j.rser.2022.112623

Cited by 42 publications

(24 citation statements)

References 37 publications

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“…To be more specific, an insufficient understanding of distributed ledger technologies and blockchain leads to uncertainty and hesitance, making its adoption more difficult because it is perceived as risky. Since risk is usually avoided by politicians, uncertainty must be considered a significant obstruction to widespread blockchain implementation [102,103].…”

Section: Pestle Analysismentioning

confidence: 99%

“…Furthermore, there is a possibility that the algorithm will favour specific participants of the grid in the early stages of its development. Other issues and concerns revolve around the security and reliability of the system, policy uncertainties, and the possibility of errors that might not be easily reversible once they have occurred [103,104]. For example, it is likely that a mistake in a smart contract cannot be resolved after its execution.…”

Section: Pestle Analysismentioning

confidence: 99%

“…Risk aversion and avoidance might be connected to the fact that novel technologies that have not been widely tested are immediately and instinctively regarded as untrustworthy. Blockchain would likely be a more socially acceptable solution if further practical tests revealed that it is, in fact, a reliable and secure technology [101,103].…”

Section: Pestle Analysismentioning

confidence: 99%

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Evaluating the Barriers to Blockchain Adoption in the Energy Sector: A Multicriteria Approach Using the Analytical Hierarchy Process for Group Decision Making

Andreoulaki,

Papapostolou,

Marinakis

2024

Energies

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The blockchain has been proposed for use in various applications in the energy field. Although the blockchain has technical strengths, several obstacles affect the application of the technology in energy services. The scope of this study is to highlight and prioritise the most important barriers to such applications. The first step in this direction is specifying the potential areas of the implementation of blockchain technology in the energy sector. Two useful tools for market analysis were used: Political, Economic, Social, Technological, Legal and Environmental, PESTLE Analysis, and Strengths, Weaknesses, Opportunities and Threats, SWOT Analysis, which examine external and internal factors, respectively. Thus, a list of the most important elements hindering the incorporation of the blockchain in the energy sector was extracted. The detected barriers were classified and ranked by energy and IT experts using the multicriteria method, “Analytical Hierarchy Process for Group Decision Making”. The results reveal that legal barriers relating to the complexities of deficiencies of regulations are the most significant, while technological barriers, especially those related to security issues, are also important. Sociopolitical barriers related mainly to lack of trust in blockchain, as well as economic concerns such as high upfront costs, are less influential but should still be considered. The conclusions of the conducted research have the potential to guide market actors in their endeavours to modernise energy systems through the use of the blockchain, assisting them in designing the most appropriate market strategies.

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Section: Pestle Analysismentioning

confidence: 99%

Section: Pestle Analysismentioning

confidence: 99%

Section: Pestle Analysismentioning

confidence: 99%

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Evaluating the Barriers to Blockchain Adoption in the Energy Sector: A Multicriteria Approach Using the Analytical Hierarchy Process for Group Decision Making

Andreoulaki,

Papapostolou,

Marinakis

2024

Energies

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“…A further governance issue is the management of blockchain technology and its accountability to customers. There would seem to be tensions between claims made for blockchain-that it is largely self-sustaining and removes the need for trust between parties-and requirements for accountability, intelligibility and ease of operation in a blockchain-based system [52]. In this case, trust and acceptance appear to have allowed the initiative to proceed.…”

Section: Project Z Germanymentioning

confidence: 99%

Smartening Local Energy in Europe: A Comparative Analysis of Three Cases and Their Implications for Supporting Transformative Governance Practices

Barnes,

Darby,

Hansen

2024

Sustainability

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Achieving global sustainability goals, while maintaining or increasing access to energy services, calls for agile and many-faceted responses. The pursuit of ‘smart local energy systems’ is one such response that involves a paradigm shift, taking the concept of an energy system away from large-scale power plants and fuel stores towards more flexible configurations to harness renewable energy flows, with highly distributed physical assets, actors, skills and controls. Smart local energy requires citizens, industry, utilities and government bodies to collaborate and learn together in order to develop effective modes of governing that meet sustainability goals and provide reliable, accessible energy services. In this article, we introduce practical implications of creating more localised energy systems with the aid of digital technologies. We then analyse three emerging European energy communities in terms of their actors, activities and alliances, to build an understanding of governance practices within and beyond the communities that are capable of fostering transformative change towards sustainability. From this, we argue that maintaining progress towards smart local energy systems requires transformative governance within and beyond initiatives. It requires local governance arrangements that are agile and responsive to new actors and activities as well as to broader external circumstances.

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“…Digitalization also refers to the use of digital technologies for developing new business models that enable new income generation and provide new value-added. Digitalization in the energy sector will support network control, data availability, and consumer engagement (Ahl et al 2022). Digitalization can enhance energy efficiency and provide sustainable alternatives.…”

Section: Energymentioning

confidence: 99%

Digital Transformation for Inclusive and Sustainable Development in Asia

Palit,

Rahut

2024

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The views in this publication do not necessarily reflect the views and policies of the Asian Development Bank Institute (ADBI), its Advisory Council, ADB's Board or Governors, or the governments of ADB members. ADBI does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use. ADBI uses proper ADB member names and abbreviations throughout and any variation or inaccuracy, including in citations and references, should be read as referring to the correct name.By making any designation of or reference to a particular territory or geographic area, or by using the term "recognize," "country," or other geographical names in this publication, ADBI does not intend to make any judgments as to the legal or other status of any territory or area.Users are restricted from reselling, redistributing, or creating derivative works without the express, written consent of ADBI.ADB recognizes "China" as the People's Republic of China; and "Korea" as the Republic of Korea.

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Challenges and opportunities of blockchain energy applications: Interrelatedness among technological, economic, social, environmental, and institutional dimensions

Cited by 42 publications

References 37 publications

Evaluating the Barriers to Blockchain Adoption in the Energy Sector: A Multicriteria Approach Using the Analytical Hierarchy Process for Group Decision Making

Evaluating the Barriers to Blockchain Adoption in the Energy Sector: A Multicriteria Approach Using the Analytical Hierarchy Process for Group Decision Making

Smartening Local Energy in Europe: A Comparative Analysis of Three Cases and Their Implications for Supporting Transformative Governance Practices

Digital Transformation for Inclusive and Sustainable Development in Asia

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