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Blockchain Applications in the Energy Industry

Blockchain Applications in the Energy Industry
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Author(s): Soheil Saraji (University of Wyoming, USA) and Christelle Khalaf (University of Wyoming, USA)
Copyright: 2022
Pages: 22
Source title: Regulatory Aspects of Artificial Intelligence on Blockchain
Source Author(s)/Editor(s): Pardis Moslemzadeh Tehrani (University of Malaya, Malaysia)
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 However, several challenges are slowing down the commercialization of these applications, including outdated legislation and regulations, slow pace of adaptation from the traditional energy industry, and risks associated with the new, untested technology.

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