Blockchain Applications in the Energy Industry

Blockchain Applications in the Energy Industry

Soheil Saraji (University of Wyoming, USA) and Christelle Khalaf (University of Wyoming, USA)
Copyright: © 2022 |Pages: 22
DOI: 10.4018/978-1-7998-7927-5.ch008
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Abstract

The current energy transition from a fossil-fuel-based economy to a zero-carbon has significantly accelerated in recent years, as the largest emitters have committed to achieving carbon-neutral goals in the next 20-30 years. The energy industry transition is characterized by modernization through digital technologies, increased renewable energy generation, and environmental sustainability. Blockchain technology can play a significant role in providing secure digital distributed platforms facilitating digitization, decarbonization, and decentralization of the energy systems. Several promising blockchain applications in the energy sector are under research and development, including peer-to-peer energy trading; carbon monitoring, management, and trading; and IoT-enabled electric grid management. However, several challenges are slowing down the commercialization of these applications, including outdated legislation and regulations, slow pace of adaptation from the traditional energy industry, and risks associated with the new, untested technology.
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Introduction

This chapter begins with a summary of technological advances and paradigm shifts in the blockchain industry over the past two decades. To illustrate, recent advancements in technology enable interoperability between different blockchains, which negates the earlier view of a general-use blockchain network, thus, actualizing a world with multiple specialized interconnected blockchains. In addition, this chapter discusses the impact of emerging blockchain commercialization on different industries, especially the energy industry. To facilitate this discussion, we provide a brief overview of the global energy transition and its disruptive impacts on the traditional fossil fuel industry. Further, we explore the role that blockchain technology could play in this transition towards more sustainability. Finally, the chapter examines current implementations, use-cases, and potential futuristic blockchain applications in the energy industry. We explore select applications in detail. In summary, this chapter aims to advance knowledge of these pertinent topics, given that blockchain is expected to have a foundational role in the future of the internet.

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