APPLICATION OF BLOCKCHAIN TECHNOLOGY IN THE ENERGY SECTOR.

Purpose: The reason for writing the paper is growing complexity of management of the electric grid. Our collective electric system faces accelerating, multi-dimensional needs that must be addressed to deliver to our communities. Design/methodology/approach: The supply, transmission, distribution, and consumption of electricity are closely coupled, and must be actively coordinated. This requires the coordinated sensing, measurement, and control of devices and systems spread across the grid. This paper assesses the suitability of blockchain for this purpose, as a platform for transactive energy. Findings: Blockchain technology can facilitate secure and transparent record-keeping and transactions and thus may have many potential applications in the energy sector. Practical implications: Blockchain technology is still evolving and faces some challenges, such as scalability, interoperability, regulation, and adoption. However, blockchain has the potential to revolutionize the energy sector by transforming the way energy is produced, distributed, consumed, and traded. Social implications: High electricity demand, aging power grids, and climate disasters are straining our current energy system. As a result, more people are looking to optimize energy usage—and transactive energy may offer an answer. A Blockchain-enabled transacted energy framework can help everyone from consumers to corporations benefit from improved energy efficiency and profit in the process. Originality/value: Distributed energy resources, such as energy efficiency, smart demand response, smart electric vehicle charging, building-level energy storage and distributed solar photovoltaics, become more critical every year. Review of recent papers on these issues may be a valuable source of knowledge for interested parties. [ABSTRACT FROM AUTHOR]