Blockchain Technology And Energy Trading: Transparency And Profitability – Assessing the Impact of Selected Determinants on Renewable Energy Sources in the Electricity Mix: The Case of ASEAN Countries

Peak shaving analysis of power demand response with dual uncertainty of unit and demand-side resources under carbon neutral target

Blockchain Technology And Energy Trading: Transparency And Profitability

Local Energy Markets in Action: Smart Integration of National Markets, Distributed Energy Resources and Incentives to Promote Citizen Participation

Diving Into Blockchain Use Cases: Wholesale Energy Trading

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Ways Digitalization Is Reshaping Commodity Trading

Editors’ Choice articles are based on the recommendations of scientific editors of journals around the world. The editors select a small number of articles recently published in the journal that are particularly interesting to the reader or important in the relevant research area. It aims to provide a snapshot of some of the most exciting work published in the journal’s various research areas.

By Oskar Juszczyk Oskar Juszczyk Scilit Preprints.org Google Scholar 1, * and Khurram Shahzad Khurram Shahzad Scilit Preprints.org Google Scholar 1, 2

Received: 24 May 2022 / Revised: 16 June 2022 / Accepted: 20 June 2022 / Published: 23 June 2022

Blockchain, or distributed ledger, is an innovative technology that is developing across various sectors and industries worldwide. It has attracted the attention of diverse interest groups such as energy companies, SMEs and startups, information technology developers, financial institutions, national authorities and the university community. For example, through decentralization of transactions, implementation of the Internet of Things (IoT) and smart contracts, the improvement of day-to-day business operations is strongly anticipated. In the energy sector, digitalization is already present in solutions like smart grids, smart meters, electric vehicles, etc. Moreover, a new concept of Internet of Energy (IoE) has been introduced in the academic literature. In this article, the level of trust and maturity of blockchain technology implementation is investigated through the Blockchain Maturity Questionnaire developed by the authors. The database includes responses from top management professionals from the renewable energy industry. The analysis reveals the state of knowledge about Blockchain, the main advantages and obstacles associated with its implementation as well as the willingness to integrate this technology in the future operations of companies. Insights from industry experts helped provide a “roadmap for blockchain adoption” in future energy systems. This curiosity study offers many applications not only to renewable energy industry professionals but also to interest groups from different industries, as well as government officials and researchers to examine the areas covered by it.

Blockchain For Commodities: Trading Opportunities In A Digital Age

Blockchain; technology adoption; business models; peer-to-peer (P2P); distributed power; smart contract; digitization of energy; renewable energy; circular economy; Finland

Current energy systems are incorporating increasing shares of renewable energy sources (RES). This transformation, driven by a sustainable triple-bottom-line concept of generating value through economic, environmental and social performance of energy companies, has been further enhanced by privatization, as well as economic and energy policy incentives [1, 2]. In 2020, the share of renewable energy sources in Finland will increase to almost 40%, surpassing the share of fossil fuels and peat for the first time in the country’s history [3]. However, RES are unstable, difficult to predict and depend on the weather, which causes difficulties in the operation management of power systems [4]. The emergence of distributed energy markets requires novel technological solutions to support energy and information sharing. Therefore, due to the distributed and irregular nature of renewable energy sources, innovative technologies are needed to bring their deployment to the next level [5, 6]. Therefore, some flexibility measures are needed to improve grid stability, such as timely supply and demand response mechanisms or energy storage solutions [7]. Based on the rapidly increasing number of incorporated smart meters worldwide, it is claimed that energy systems are on the verge of a digital revolution [8]. It is clear that this revolution cannot be achieved with the centralized energy markets of today [9], as there is a need for better information-sharing solutions such as ICT [10]. These novel, often local energy markets, for example, provide improvements in energy efficiency, environmental and socioeconomic sustainability performance, etc. Decentralization and digitalization require solutions to become more agile (by including more actors) and peer-to-peer effective. Energy business management [11].

The solution to these problems could be blockchain technology, which is primarily designed to improve decentralized transactions by removing central authorities from transaction processes. It is also defined as Distributed Ledger Technology (DLT) or Internet of Value [12], which securely stores and shares digital transactions without centralization of management. This architecture allows the automatic execution of smart contracts on peer-to-peer trading platforms [13]. Blockchains can also be characterized as a global database that allows multiple users to modify the ledger and automatically update those changes by making multiple copies of new records on the chain. As opposed to centralized, single-authority management systems, users must approve changes through consensus mechanisms that make this network transparent, secure and “trusted”. To ensure more recovery against human-specific misbehavior and errors, users’ anonymity is covered by implementing cryptographics when connecting new transactions to existing ones on the block. The literature suggests that such radical technological changes in existing structures create the need for new business models and reexamine current technological models [14, 15, 16, 17]. For example, in supply chain management, current schemes will be revolutionized by eliminating intermediaries through decentralized, blockchain-based supply chains [18, 19]. In particular, blockchain fits perfectly into the context of ‘Energy 3D’, which is decarbonisation, decentralization and digitalisation, by providing solutions to capture these energy efficiencies in the near future and by promoting energy transformation and dynamic innovation in the sector. Renewable Energy Technologies (RET) [20, 21]. However, due to the limited number of use cases, it should be noted that blockchain adoption in the renewable energy industry is far from perfect and that there are other digital solutions that can increase the performance of companies in this sector. Blockchain is still a developing technology, and as further indicated in this study, its widespread adoption requires multi-dimensional cooperation from different sectors of society.

However, although not yet universally implemented, blockchain usage is associated with many regulatory, social and technical barriers, scalability issues, lack of regulations, integration challenges, etc. However, it notes the potential benefits from blockchain integration. Much more than these barriers [22].

Blockchain In The Energy Sector

Most current studies provide reviews of the literature and use blockchain use cases. However, the mainstream of research refers to the entire energy sector and, therefore, there are limited studies focusing only on renewable energy technologies. Furthermore, authors specialize in specific features or applications of blockchains, such as smart contracts, peer-to-peer platforms, energy efficiency improvement, IoT enabling, etc., but in our article, we provide a multidimensional and holistic approach to DLT. Application in RET industry. This curiosity study contributes to the existing literature on energy digitalization by providing prospective perspectives of executives of Finnish renewable energy companies. As Finland is a member state of the European Union, this research can provide implications for European energy policy and energy transition analysis, as well as suggest new directions towards achieving energy decarbonisation, digitalisation and decarbonisation in the EU. In this article, we present empirical evidence from the Finnish renewable energy industry through a ‘Blockchain Maturity Questionnaire’ developed by the authors, revealing the level of knowledge and confidence in DLT, followed by the main potential benefits and challenges of implementing blockchain. In Finland, its impact on business models as well as the willingness of industry professionals to use blockchains in the future. Such a novel insight sheds new light on blockchain principles, its applications and future prospects in the renewable energy sector. The remainder of this article is structured as follows. Section 2 analyzes the academic literature on blockchain and its application to the renewable energy industry. The methodology implemented in this study is presented in Section 3, where the case companies are also introduced. Section 4 presents the results of our empirical analysis and its multidimensional implications. Section 5 provides limitations

Energy marketing and trading, energy trading and investing, na trading and technology, technology and energy, energy solutions and technology, energy and power technology, blockchain technology and healthcare, energy science and technology, native energy and technology, energy and commodity trading, renewable energy and technology, blockchain and distributed ledger technology