Blockchain and the future of energy.

This paper discusses the emergence of blockchain technology in the energy sector in the light of ongoing energy market transformation. The study builds on literature research and expert interviews, and provides insights into the future energy landscape in the context of the blockchain advent. While the interviewees acknowledge the great, though disruptive, potential of blockchain technology for the primary activities in the electricity sector, there is agreement that inflexible regulatory frameworks impose the biggest challenge. The widest impact which blockchain technology will have in the short-term will be in electric vehicle integration, while in the long-term blockchain will enable peer-to-peer microgrids. The role that the blockchain will play, though, relies mainly on the business model innovation in energy. While a growing body of literature discusses specific blockchain applications and solutions in an advanced technological set-up, this paper presents a holistic picture of the blockchain applicability in the energy sector and thematises this very powerful and versatile technology against the background of two emerging economies: South Africa and Russia. • The electricity sector is testing the blockchain technology in an attempt to support the decentralisation of energy production, while the oil & gas sector uses the blockchain for business process optimisation. • The near-term outlook is mainly associated with the blockchain-enabled electric vehicle integration. The long-term impact is uncertain. • Although the blockchain is very applicable to decentralised systems and could help overcome a lot of energy-related issues, their regulatory frameworks are very inflexible. • For the blockchain technology to play a bigger role in the energy field, more business model innovations for the energy sector are needed. • Most likely those systems will play a wider role for energy markets across the globe. [ABSTRACT FROM AUTHOR]