An overview of the applications of blockchain technology in energy markets

Document Type : Original Article

Authors

1 M.Sc. student, Department of Energy Engineering, Sharif University of Technology

2 Assistant Professor, Department of Energy Engineering, Sharif University of Technology

3 Assistant Professor, Department of Engineering, Vali-E-Asr University of Rafsanjan, Rafsanjan, Iran

10.22059/ses.2023.352388.1020

Abstract

Blockchain technology has been introduced in recent years and its applications have been widely investigated. This technology is mostly known with digital currencies (removing intermediaries and reducing financial transaction fees), but it has other applications. The new technology can be used in various fields, including energy engineering. This is due to the fact that in many countries, the electricity supply system is transitioning from a centralized non-renewable state to a distributed renewable market one. Therefore, there is a need to use a settlement system that can make transactions in a short time, with low fees and without volume restrictions. This article is an overview of the activities that have been carried out using blockchain technology in the field of energy exchanges. The purpose of the study is to obtain business models of businesses active in this field and to consider their goals and prospects in using this technology in energy markets. The result of this study shows that the development of decentralized markets can lead to the support of renewable energy producers and reduce the barriers to participation in the energy market by making small exchanges easier.

Keywords

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Journal of sustainable Energy Systems
Volume 1, Issue 2
April 2022
Pages 175-189

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