One of the first unbiased, major comprehensive reviews of blockchain has concluded that the technology is “actually delivering on its promises in a number of areas directly related to energy”.
Scientists from Heriot-Watt University in Scotland found that blockchain could “further facilitate smart grid applications and decarbonisation of the energy sector”.
Writing in the journal Renewable and Sustainable Energy Reviews, they review results from over 140 projects, start-ups and initiatives, covering all areas of blockchains in energy, from transactive community energy models to balancing and trading emission certificates.
The paper states that despite blockchain being used for some time to underpin cryptocurrencies like Bitcoin and Ethereum, the interest in blockchain energy systems has taken some in the energy sector by surprise. Yet the scientists conclude that blockchain offers significant potential for developing the way electricity is traded and dispatched.
It cites a survey of the German Energy Agency which revealed that nearly 20 per cent of energy decision-makers believe that blockchain is a game-changer for energy suppliers.
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