Smart contracts in energy systems: A systematic review of fundamental approaches and implementations

Kirli, Desen; Couraud, Benoit; Robu, Valentin; Salgado, Marcelo; Norbu, Sonam; Andoni, Merlinda; Antonopoulos, Ioannis; Negrete-Pincetic, Matías; Flynn, David; Kiprakis, Aristides

doi:10.1016/j.rser.2021.112013

Cited by 148 publications

(99 citation statements)

References 85 publications

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“…For example, Choi and Hong [42] found that the OVX and VIX show bi-directional causality during shale gas revolution by using the ARDL model and the Granger causality tests. However, the research of Liu et al [43] shows that there are only significant short-run relationships between crude oil volatility and VIX index, rather than long-run equilibrium relationships. Differently from these studies, we use the TVP-VAR model to examine the time-varying impacts.…”

Section: Discussionmentioning

confidence: 98%

“…We conclude that the positive oil price shock has a greater effect on the VIX index than the negative oil price shock. Although oil prices may cause investors' panic, it is worth mentioning that frontier technologies such as blockchain technology may bring new changes to the crude oil market [41][42][43][44][45]. When studying the impact of international crude oil prices on the market, we may need to examine the moderator role of frontier technologies.…”

Section: Discussionmentioning

confidence: 99%

“…Promoting the marketization of energy pricing or trading may also be conducive to reducing the adverse impact of oil price volatility. For example, some scholars, such as Chantrel, Surmann, Erge and Thomsen [41], Yapa, de Alwis, Liyanage and Ekanayake [42], Kirli, Couraud, Robu, Salgado-Bravo, Norbu, Andoni, Antonopoulos, Negrete-Pincetic, Flynn and Kiprakis [43], and Górski [44] proposed blockchain technology for renewable energy trading. (3) From the oil-specific demand perspective, the derivatives market based on oil and other bulk commodities is developing rapidly.…”

Section: Discussionmentioning

confidence: 99%

“…In addition, promoting the marketization of energy pricing or trading is also conducive to reducing the adverse impact of oil price volatility. For example, some scholars, such as Chantrel et al [41], Yapa et al [42], Kirli et al [43], and Górski [44], proposed blockchain technology for renewable energy trading. It is thought that blockchain technology can provide a secure and immutable ledger of value transfers in a network, which will facilitate the replacement of crude oil by renewable energy.…”

Section: Discussionmentioning

confidence: 99%

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Will Oil Price Volatility Cause Market Panic?

Min

Wang

2022

Energies

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It is generally known that violent oil price volatility will cause market panic; however, the extent to which is worthy of empirical test. Firstly, this paper employs the TVP-VAR model to analyze the time-varying impacts of oil price volatility on the panic index using monthly data from January 1990 to November 2021. Then, after using the SVAR model to decompose the oil price volatility, this paper uses the PDL model to analyze the heterogeneous impacts of oil price volatility from different sources. Finally, based on the results of oil decomposition, this paper uses the TARCH model to analyze the asymmetric impacts of oil price volatility in different directions. The results show that: (1) oil price volatility can indeed cause market panic, and these impacts exhibit time-varying characteristics; (2) oil price volatility from different sources has different impacts on the panic index, and the order from high to low is oil-specific demand shocks, supply shocks, and aggregate demand shocks; and (3) oil price volatility has asymmetric impacts on the panic index, and positive shocks have greater impacts than negative.

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Section: Discussionmentioning

confidence: 98%

Section: Discussionmentioning

confidence: 99%

Section: Discussionmentioning

confidence: 99%

Section: Discussionmentioning

confidence: 99%

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Will Oil Price Volatility Cause Market Panic?

Min

Wang

2022

Energies

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“…SLES substantially benefits from its complex information and communication technology (ICT) infrastructures that can provide enhanced observability and distributed control on DERs. The smart elements include both physical smart devices and digital functionality (Mokhtar et al 2021;Kirli et al 2022). The physical smart devices, consisted of various IoT technologies, have enhanced the interoperation of the grid system by providing multi-directional information flow with adequate data from users, substations, transmission, and generation sides.…”

mentioning

confidence: 99%

Cybersecurity in smart local energy systems: requirements, challenges, and standards

et al. 2022

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Smart local energy system (SLES) can support tailored regional solutions through the orchestration of cyber physical architectures, coordinating distributed technologies, with operational and forecasting models across all energy actors. Unprecedented access to new information, data streams and remotely accessible control can substantially benefit the multi-objective optimisation of multiple performance metrics. Given the expansion of this internet of things (IoT) and cyber-physical system (CPS), it is important to not only design effective detection and management of potential cybersecurity issues, but also to address the challenges in having affective and adaptive governance—built on standards to ensure the security of the IoT to minimise risks and harms to all users. This study conducts an extensive and critical investigation into the existing standards and identifies areas to focus on as to support the expansive adoption of cyber physical networks. Although existing standards and protocols are highly fragmented, our findings suggest that many of them can meet the requirements of the applications and infrastructures of SLES. Additionally, many standards have been introduced to protect information security and personal privacy due to their increasing importance. The research also suggests that the industry needs to produce more affordable and cyber-secured devices and services. For the government and regulators, relevant guidelines on the minimum function and security requirements for applications should be provided. Additionally, compliance testing and certifications should be in place and carried out by an independent third party to ensure the components of SLES ecosystem with a satisfied security level by design.

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