Renewable Energy Sources From The Perspective of Blockchain Integration - From Theory To Application

Sustainable Energy Technologies and Assessments 52 (2022) 102108
Contents lists available at ScienceDirect
Sustainable Energy Technologies and Assessments

journal homepage: www.elsevier.com/locate/seta
Review article
Renewable energy sources from the perspective of blockchain integration:

From theory to application
Sidique Gawusu a, *, Xiaobing Zhang a, *, Abubakari Ahmed b, Seidu Abdulai Jamatutu c,
Elvis Djam Miensah d, Ayesha Algade Amadu d, e, Frimpong Atta Junior Osei f, g
a
School of Energy and Power Engineering, Nanjing University of Science & Technology, Nanjing, China
b
Department of Planning, Faculty of Planning and Land Management, SD Dombo University of Business and Integrated Development Studies, Bamahu-Wa, Ghana
c
School of Economics and Management, Nanjing University of Science & Technology, Nanjing, China
d
Jiangsu Key Laboratory of Chemical Pollution Control and Resources Reuse, School of Environmental and Biological Engineering, Nanjing University of Science and
Technology, Nanjing 210094, China
e
Council for Scientific and Industrial Research (CSIR) – Water Research Institute, Accra, Ghana
f
Department of Computer and Information Science, University of Oregon, USA
g
Department of Computer Science and Engineering, Southeast University, Nanjing, China
A R T I C L E I N F O A B S T R A C T
Keywords: Renewable Energy (RE) decentralisation has become a means towards energy sustainability due to the revolution
Blockchain in blockchain technology. RE sources have undergone remarkable growth as a result of the privatisation of the
Renewable energy energy industry and the boost in incentives and policy initiatives on energy. As supply and demand are affected
Power grid
by a sudden change in weather conditions, a new set of challenges in how electricity systems are managed and
Distributed energy
P2P trading
operated have emerged. Therefore, a level of flexibility measures for safety and stability is required. Blockchain
as an emerging technology is regarded as an essential technological landscape affecting nearly every transaction
done over the internet. However, its role in RE is still unclear. Therefore, this study comprehensively explores the
theory of blockchain and its status in the RE space. The review revealed that the integration of blockchain
technology into RE has received significant attention over the years, which is an indication that existing
blockchain research on energy is more focused on RE, as a way of addressing the many challenges in its evolution
process, and providing sustainable solutions to replace energy from fossil fuels.
Introduction segments in the energy flow equation involve energy production, dis
tribution between producers and large energy companies, on-site ex
The world needs to be renewable by 2050 to meet global warming change, participants buying/selling electricity as well as storage in
targets [1–5]. As a result, a significant number of governments power stations. All these activities involve numerous transactions that
throughout the world have committed to RE in the next ten to twenty need to be recorded to guarantee their certainty. Smart counters permit
years. This task is particularly daunting because our energy grids are the recorded data to be sent in a wireless form to distributed ledgers in
riddled with inefficiencies. The addition of Renewable Energy Sources the forms of centralised (private blockchain), decentralised (public
(RES) into the current electricity systems from distributed sources re blockchain), or partially decentralised (private “sidechains” with peri
quires new tools to maintain stability and operational safety because of odic data transmission on the public blockchain) [7]. However, to
the complexities in decentralised platforms [6]. eliminate intermediaries and the costs related to a centralised market
Blockchain technology particularly targets the utility industry, place, a direct sale of energy (decentralised energy) between producers
which is truer for the energy industry due to the presence of unique and users should ensure energy-transaction and supply systems are
subjects and cases within this sector, including producers, “prosumers” immutable and incorruptible [8]. This is because the primary advantage
(producers and consumers at the same time), microgrids, smart grids, of blockchain technology is its decentralised structure for transaction
and several renewable energy linked incentives [7]. The market execution and data storage. Keeping data in different locations
* Corresponding authors.
E-mail addresses: [email protected] (S. Gawusu), [email protected] (X. Zhang).
https://doi.org/10.1016/j.seta.2022.102108
Received 29 August 2021; Received in revised form 5 February 2022; Accepted 19 February 2022
Available online 26 February 2022
2213-1388/© 2022 Elsevier Ltd. All rights reserved.
S. Gawusu et al. Sustainable Energy Technologies and Assessments 52 (2022) 102108
simultaneously increases the difficulty of tampering with it while The number of publications is an essential indicator for assessing the
making it accessible from everywhere [8]. development status of a scientific field, whereas the annual change of
The transformative impact of blockchain could be felt in the publications can reflect the growth process of the research topic. Fig. 1
following sectors: finance [9–12], tech [13–15], and energy [16–22]. highlights the evolution of publications based on RE sources concerning
Despite its essential applications, the energy industry in general still the integration of blockchain from 2010 to 2021. The first half of the
faces challenges. The industry is ready for a change from over-reliance decade registered nearly no research output; It was not so much of an
on fossil fuels and archaic methods of energy generation coupled with interesting area to research by then. Research, however, started to pick
bureaucracies, and high costs of production as well as consumption up in the second half of the decade, which is an indication that re
[6,23–25]. Sustainable and rewarding energy transmission could be searchers started paying attention to the area within that same time. It
achieved by deploying blockchain, which would go a long way to can be seen that the Web of Science Core Collection (WoSCC) included
eliminate the inefficient processes that plaque energy grids. There would the first article related to renewable energy integration with blockchain
be no need for energy companies, traders, or banks to participate in in 2017, since then; the technology has been applied to the RES industry
blockchain energy operations. Decentralised energy supply and trans in a significant manner. The progress of blockchain technology in RE
action systems would develop instead, where blockchain-based smart sources is relatively slow as compared to other sectors. Little research
contract applications allow consumers to control their energy supply has been conducted on the overall use and applications. The available
contracts and consumption data [8]. literature indicates a focus on key areas of energy, the Internet of Things
RE is rapidly growing because of the privatisation of the energy (IoT), finance, governance, and healthcare. These areas benefit from the
sector and is boosted by favourable incentives and policy initiatives technology due to the inherent benefits that its structure has to offer.
[17,26,27]. RE sources are difficult to forecast and are dependent on Although the concept of this technology appeared as early as 2008
natural phenomena, hence managerial as well as operational challenges [45], it was not until recently that it gained recognition and acceptance
of electricity systems are exposed, which requires flexibility measures by the public as indicated by the research output shown in Fig. 1.
for safety and stability [28]. These measures may include a robust Blockchain technology is considered the next big technological leap
supply chain, as well as energy storage services [29]. affecting everything from online transactions to how governments
In addition to the revolutionary shifts in the energy sector as a result operate. However, what does blockchain mean for the renewable energy
of the implementation of Distributed Energy Resources (DERs), there is a sector? A decentralised energy system is a new approach and aims to put
tremendous digital transformation through smart meters to help usher in power sources closer to the user. Blockchain could give decentralised RE
the golden era of renewables [30]. Smart meters provide information to systems a novel approach to dominate the electricity markets of the
customers and have been shown in randomised controlled trials to help future. Extensive literature is available on RE and blockchain separately.
focus consumer attention on reducing energy use during periods of high However, a review exclusively dealing with the integration of block
prices, increasing the elasticity of electricity demand [30,31]. The ef chain into RE is profoundly lacking.
fects of devices that provide residential customers with high-frequency None of the reviews in the available literature on blockchain and RE
information about electricity usage and prices were investigated [32]. shares the objectives pursued in the study. For instance, Hasankhani
According to the study, households with access to high-frequency in et al. [46] presented an in-depth review of blockchain applications in
formation are 13% more responsive to demand response pricing events smart grids, as well as the opportunities. The review further highlighted
than those who do not have access to this information. These devices blockchain’s application in the smart grid as related to RE. Ante et al.
enable consumers to receive cheaper and more sustainable energy. [47] gave a co-citation analysis of 166 publications to give a clear nexus
“Smart meters collect data on energy consumption in a home every 4 of blockchain and energy. Zhang et al. [48] also reviewed ten P2P en
s to once per minute” [33,34]. They can provide you with an overall cost ergy trading projects by focusing on different characteristics including
of your energy use, but they can’t go into enough depth about your business models or control systems for local markets. Andoni et al. [17]
consumption habits in order to induce long-term behavioural change, systematically reviewed the challenges and opportunities of blockchain
which leads to reduced energy costs and greater efficiency. Unlocking in the energy sector by analysing 140 different startups and research
the system’s granular energy data is the greatest method to make im projects through classification based on activity, implementation, as
provements and obtain fresh insights [35]. Using Artificial Intelligence well as consensus characteristics. The current comprehensive review
(AI), these devices sample energy data one million times quicker than a
traditional smart meter. This real-time appliance data gives you access
to a wealth of information that goes well beyond your budget.
Blockchain, in the simplest terms, is a shared ledger or database
made up of discrete data records. The participants of this network need
to either, have storage or computational resources to ensure the sus
tainability of the blockchain. Also, a single copy of the ledger is shared
through a Peer-to-Peer (P2P) network and all copies are updated when a
new, validated record is added as a new data block. Blockchain or
distributed ledger is primarily designed to facilitate distributed trans
actions by removing central management [36]. Therefore, blockchain
could help in addressing the challenges confronting centralised energy
systems. It allows for greater control over personal information/data as
well as removing intermediaries, high-speed transfer of information, and
low cost of data transfer. Blockchain facilitates trust between users
without the need for mediators by creating robust security against data
manipulation. Furthermore, transparency without identity disclosure is
guaranteed. Therefore, blockchain has a strong foundation for several
applications in the energy industry [17,37–43]. This assessment is
further deepened if the concept of “computer-aided transaction protocol
that executes the terms of a contract” (smart contract), is taken into ac
count. This smart contract is executed in the consensus network and Fig. 1. Blockchain integration into RE publications in the last decade
stored in the blockchain [44]. (WoSCC, 2021).
2
explores the role of blockchain technology in the RE space to ascertain methodological approach.
its influence, as well as give a 360-degree overview of its potential ap
plications, and the sweeping implications for society and the economy. Renewable energy sources
Approach RE is energy that comes from sources that are replenishing but flow-
limited; renewable resources are practically abundant but restricted in
The first step was to perform a comprehensive review of available the quantity of energy that is accessible per unit of time, such as sun
literature on alternative energy sources. The evaluation covered several light, geothermal heat, wind, water, and various forms of biomass.
published papers on blockchain and RES, as well as efforts on the inte Renewable energy is defined by two criteria: it must be derived from
gration of the two. Search phrases relating to the subject of the review natural sources that be replenished and it must release little or no
were used in a series of online searches across numerous databases, greenhouse gas emissions (GHGs) [49–51]. The number of countries
including but not limited to Web of Science, ScienceDirect, and Scopus. investing in renewable energy production facilities has risen sharply in
These findings were reached after the collected information was orga recent years. This is primarily motivated by the goal for energy security,
nized and categorized. Since the original search cites several sources, economic consequences, and the reduction of carbon dioxide emissions,
more references were added at this point [24]. The coded materials were among other things (CO2). The fundamentally intermittent nature of
sorted by subject in order to discover evident patterns and linkages. RES is the most significant obstacle to the industry’s expansion. When
Many other subjects evolved during the iterative process and were the weather conditions fluctuate, it has a direct impact on the electrical
incorporated into the review. market, which is one of the most important factors in the equation for a
By categorising the information into a conceptual framework, the successful transition [50].
initial review sections were drafted. The initial conclusions and sum The use of RE sources rather than fossil fuels to generate electricity
maries were reread, sorted, and utilised for sensitisation and critical decreases greenhouse gas emissions and aids in combating climate
evaluation of the review. Confirmation or revision of themes and change. Even though RE sources are better for the environment than
arrangement of the review was done at this stage while establishing an fossil fuels, their production is unpredictable, posing a major problem
important theoretical basis for the study’s findings. Fig. 2 depicts the for grid operators [52].
Fig. 2. Methodological scope of the review.
3
As seen in Figs. 3 and 4, there has been a significant increase in RE

generation across the world. The energy industry is still heavily reliant
on non-renewable energy sources, as seen in Figs. 3 and 4. In terms of
generation, hydropower is by far the most prevalent source (Fig. 3),
followed by solar, which has seen the fastest yearly growth rate over the
last few years (Fig. 5). Due to the vast amount of information available
on RE sources in the literature, the following section will only provide an
overview of the most economically feasible ones. Table 1 shows the
advantages and disadvantages of RE sources for commercial energy
production.
Solar energy
Every second of energy released by the sun is enough to power the

earth for almost two hours. Solar energy is now poised to overtake other
commercially viable energy sources as the fastest-growing and largest
available (Fig. 5). Photovoltaic (PV), Concentrated Solar Power (CSP), Fig. 4. RE generation by source in the world [54].
and Solar Thermal [55] are three methods of capturing solar energy
from the sun. Through the use of these devices, solar energy may be
converted to heat or electricity.
The solar energy that reaches the Earth’s surface in an hour is higher
than the planet’s annual energy needs. Even while solar energy sounds
like an ideal renewable energy source, the amount we can utilise de
pends on the time of day, season, and geographic location. Storage of
solar energy for future usage is the major issue in the development of
solar energy. Moreover, large-scale solar panel systems are intrusive and
can compete with natural habitats while also hindering agriculture
production. See [56–59] for a comprehensive review of solar energy and
its applications.
Wind energy
Wind energy is utilised to generate power by harnessing the kinetic

energy of moving air. Using wind turbines or wind energy conversion
devices, this is converted to electrical energy. In order to generate
electricity, wind passes between the turbines’ blades, forcing them to
spin. This moves the shaft attached to the generator, converting the
Fig. 5. Yearly growth for renewable electricity generation by .
kinetic energy to rotational energy, which is then used to generate Source [60]
electricity via electromagnetism [61,62]. The amount of electricity that
can be captured from wind depends on the turbine’s size and the length
energy, refer to the following sources [59,63–67].
of its blades. Rotor diameter and wind speed are directly related to the
output. Wind power potential theoretically rises by a factor of eight with
every doubling of wind speed [63]. The obstacles confronting wind Geothermal energy
energy include issues that periodically develop as a result of installed
turbines disrupting the passage of migrating birds and bats [63], and Various temperatures of hot water occur deep inside the Earth’s core,
occupying significant land-mass. For a comprehensive review of wind allowing geothermal energy to be harnessed. To get the steam to the
surface for use for a variety of purposes, the subterranean reservoirs are
tapped by deep wells [55]. For heating and cooling residential and
commercial properties, this type of energy is employed [68]. Barbier
[69] and Zhu [70] gave an in-depth analysis of geothermal energy. As
compared to solar and wind energy, geothermal energy produces low
carbon dioxide emissions and is more stable [71].
These diverse geothermal resources can be utilised on a large and
small scale basis. Heat and steam stored in reservoirs can be used to
power generators and provide electricity to consumers by an energy
service provider (ESCO). Other applications employ the heat generated
by geothermal directly for a variety of purposes in buildings, roads,
agriculture, and industrial operations, among other things [72].
Hydropower
Hydropower is the power generated by the movement of water that is

significant enough to operate turbines and generate electricity. Hydro
power has several advantages, including its abundance, dependability,
and cheap operating costs. Additionally, it may be utilised as extra en
Fig. 3. World primary energy consumption by energy source, 2020 [53]. ergy in both baseload and peak load situations [73,74]. Hydropower
4
Table 1 Distributed generation

Merits and demerits of RE sources. When it comes to renewable energy, the so-called “distributed gen
Source Merits Demerits eration” (DG) model is becoming more and more affordable and popular
[81]. RE sources such as solar panels and wind turbines can be used to
Hydropower It is highly efficient The initial investment is
It is relatively less costly to operate significantly higher generate power in both the retail and commercial sectors [6]. While
It can power very large projects or It takes a long time from minimising the reliance on centralised energy sources and enhancing
factories construction to finish grid dependability are two obvious benefits of scaling up distributed
It can operate for so many years, generation, there are numerous more advantages as well. In conjunction
hence good return on investment
Solar It is readily available It is less efficient
with smart grids, DG is even more effective.
It is flexible The initial investment is high
Installation is simple and easy It cannot power very large Social impact of renewable energy and barriers
It has a very low social impact projects or factories
Scalability is relatively simple It is over-reliant on weather
An essential factor hindering the growth of renewables is social
It takes a shorter time from conditions.
construction to finish It occupies a significant impact, even the existence of these sources in some areas and commu
landmass nities [71]. Despite the environmental, economic, and social benefits
Wind It is less costly It cannot power very large [91], renewables are still riddled with barriers that prevent further
Easy to assess resource projects or factories
assimilation into central power grids [92]. Further insight is given to
It is flexible It is over-reliant on weather
Installation is simple and easy conditions.
understand the barriers that affect the successful implementation of RE
It has a Low to medium social projects. Table 1 presents the social impact assessment of the various
impact forms of renewable energy and their respective barriers [93–96].
Scalability is relatively simple The progress of RE is affected by several barriers and challenges,
It takes a shorter time from
even though some technologies have commercialized and industrialised
construction to finish
Geothermal It has a medium to high efficiency The initial investment is to some extent, in particular, in developed countries, largely due to
(its efficiency fluctuates) significantly higher several factors. The barriers confronting the development of renewable
It can power very large projects or It can operate for so many energy may be classified [97] as; cost barriers, market share barriers,
factories its cost of construction is years, hence good return on and policy barriers, as outlined below.
between low and medium investment
It takes a long time from
construction to finish Cost barriers
The cost of production of RE is higher than that of traditional energy
sources in most cases. Therefore, the commercialisation and distribution
reservoirs can be used for multiple purposes, for instance, flood and of RE sources take much more investments to realise than fossil fuels.
drought control [61], irrigation purposes, drinking, domestic usage, and High production costs of RE can be attributed to small-scale and low
navigation [55]. production technology.
Numerous variables influence the sort of hydropower plant that may
be used in a given location. Although hydroelectricity is considered Market share barriers
renewable and pollution-free, large-scale hydropower projects can have A well-developed market ensures a reliable system and decreases the
a substantial ecological footprint [75]. cost of production. However, the market share for renewables is
extremely low, as many people are currently not adapting RE for lack of
Supplementary technologies trust.
These technologies augment the successful implementation of RE Policy barriers

sources. They help to overcome the intermittency of wind and solar The most important barrier affecting the growth of RE sources has to
while lowering costs as well as emissions. do with policy. The policy process involves policy enactment and
implementation. Developing RE sources to an industrial and commer
Energy storage systems (ESS) cialised scale requires strong policy backing. The market share of RE will
Energy storage has been widely considered as a way to speed up the significantly increase with the right policies in place.
transition to renewables [76–81]. Energy storage is critical to ensuring There are also some economic benefits in terms of tourist attraction,
energy sources are not wasted and to supplement dormant production as well as an overall economic improvement [98–100]. A qualitative
periods. Battery Energy Storage Systems (BESS) is the most widely impact assessment of the top RE sources and their barriers are presented
deployed storage device in the renewable energy industry. It has the in Table 2.
capability of adding energy resiliency and substantial cost savings when
operated with sources such as solar and wind [76,82–84], as seen in the Sustainability challenges
Notrees Battery Storage Project. The absence of a powerful Energy
Storage System (ESS) that is capable of storing energy at peak produc Sustainable is that which can be maintained for a defined time.
tion periods is still a major challenge facing renewable energy sources “Sustainable energy is derived from resources that can maintain current op
[81,85,86]. erations without jeopardizing the energy needs or climate of future genera
Energy efficiency requires less energy to be used or generated. High tion”[2]. Sustainability can be categorised into three parameters:
levels of energy efficiency will reduce the need for other sources of environmental, social, and economic sustainability. Sustainable prac
energy to produce/generate. For energy efficiency to be realised, it will tices fully depend on resources that cannot be fully depleted [101–103]
require storage systems to store energy for relatively longer periods and must be used in such a way that they can never be used up, run out,
[82,85,87–89]. Energy efficiency ensures a reduction in spending as less or otherwise become not useable.
investment is needed in expanding power grids. This is particularly RE is strategically important to sustainability; even though it can also
important for electricity supplies generated by large-scale solar and become unsustainable in the event of faster and continuous consumption
wind [82,90]. Effective energy storage system ensures efficiency in en than it can regenerate. The opposite is true for non-renewable energy
ergy systems. resources. Therefore, these three demands make energy sources sus
tainable; can regenerate naturally, energy efficiency is improved over
5
Table 2 improved designs, and further study is underway. Wind farms built far
Qualitative impact assessment of RE sources [67]. away from densely populated regions are, by their very nature, less
Source Impact assessment Barriers objectionable.
Hydropower It displaces and affects wildlife. Cost, technical & infrastructure,
It consumes a substantial part and institutional Electromagnetic interference
of agricultural land. Communication systems may be disrupted by electromagnetic sig
It damages rivers and interferes nals emitted by wind turbines. By avoiding military bases and airports,
with aquatic life. this impact can be minimised through thoughtful site selection.
Solar It is intrusive. Cost, market & infrastructure,
It takes up a large portion of and information
farmland. Bird safety
It releases toxins harmful to When birds fly into the whirling blades of a wind turbine, they are
wildlife as well as human killed instantly. Migratory species are more vulnerable than resident
beings.
species. Wind turbines that are located away from migratory pathways
Wind It restricts movement and kills Cost, market, information, and
birds and bats. infrastructure. have less of an impact.
It produces an unpleasant noise
Wind turbines are visibly Blockchain and renewable energy
intrusive and a huge number of
them are needed to produce a
significant amount of energy.
Conceptual framework
Geothermal It releases an unpleasant smell. Cost, market, technical &
It is noisy. infrastructure, information, The emergence of blockchain and the subsequent inception of Bit
It pollutes the environment in social and cultural, and coin in 2008 [45]; a cryptocurrency associated with blockchain tech
some form. regulatory barriers
nology, has allowed researchers to explore the benefits of blockchain in
It takes up space.
various sectors such as finance, health, agriculture, energy, etc.
[112–124]. Blockchain, as a distributed and digital transaction tech
time and available over a long period. Sources such as solar, wind, nology permits the storing of data securely as well as the execution of
geothermal, and hydropower fall within sustainable forms of energy. smart contracts in P2P systems [125,126]. In terms of its potential to
However, there is still so much left to uncover in regards to the revolutionise the energy sector as seen in demand response programs in
sustainability of renewable energy. For a source of energy to be sus microgrids, blockchain has a significant role to play because of its
tainable, it has to be established beyond doubt that it indeed would be unique features [127]. Fig. 6 presents the most important building
patronized by generations to come. RE decentralisation is seen as a blocks of blockchain technology. These processes form the foundation of
means of ensuring energy sustainability because of the revolution ush the blockchain architecture.
ered in by blockchain technology [104–106]. The distributed energy It has numerous applications across the supply chain process in
system is capable of realising the flexibility measures and efficiency of electricity generation; this may include but is not limited to process
energy utilisation [107,108] as it meets all-around energy demands optimisation; networks and sales and trading platforms; wholesale and
[109,110]. This section presents key points to further assess the sus P2P trading. Its applications in the energy sector are extensive and may
tainability of RE sources. have an enormous impact both in terms of process as well as in terms of
platforms [128–133]. The implications of blockchain are profound, as it
Cost allows people to trust each other and do transactions within vast P2P
networks without centralised management. Blockchain comes with the
Some RE sources are costly to operate, despite their ability to following characteristics; decentralisation, persistency, and anonymity.
regenerate and are clean sources. A cost-benefit analysis of these sources Trust is developed in digital systems not by centralised institutions but
will allow future generations to consider alternative sources, which will through protocols, cryptography, and computer code [36,134,135].
go a long way to discourage usage of such renewable sources of energy, Blockchain greatly improves our ability to collaborate and co-
even though they are sustainable. operate within these networks between organizations and individuals.
Unprecedented but incredibly important in an era of globalisation and a
Impact on the environment new set of challenges of the 21st century that involve mass collabora
tions. The blockchain ledger contains a chain of timestamped blocks
Significant sources of sustainable renewable energy meaningfully
affect the environment in various forms. For instance, wind energy af
fects free movement and sometimes causes death or serious injuries to
wildlife, which considerably affect the ecosystem [63]. Despite being
sustainable, it becomes a liability, as it sometimes comes to the detri
ment of the environment. RE can disturb marine life, cause visual and
noise pollution, and make enormous swaths of land useless for other
uses. There are many techniques to mitigate these potential environ
mental repercussions, however, they tend to be small and reversible.
Below are the most important effects on the environmental effects [111]:
Visual effects
To be effective, wind turbines must be located in open locations with
high levels of visibility. Newer, larger turbines have increased the
number of people who find them unsightly.
Noise
Mechanical and aerodynamic noises are generated by wind turbines,
particularly by the gearbox. Noise levels have been lowered because of Fig. 6. The main features of blockchain technology.
6
containing a series of transactions, and each block is linked to the pre With an incentive system in place, new members are encouraged to
vious block in the chain. join the network, which helps it remain flexible and open for new users
Transactions for an agreed contract are added to the blockchain [136]. From the standpoint of completely decentralised, democratic,
containing the public key address of the participant, what is to be and authority-free operations, public blockchains are a particularly
transferred, etc., this transaction is then broadcasted in the network and valuable alternative.
added to the queue for validation. When a consensus is reached and the
network validates the transaction with the help of cryptographic algo Private blockchain
rithms, the verified transaction is securely added to the existing block Private blockchain implementation can be used to run a private
chain in a timestamped block. In particular, blockchain delivers several blockchain that only enables certain certified participants to enter, such
opportunities as well as risks to current models in the energy industry as those for a private business [143]. To gain access to such a restricted
and those that are already going mainstream. To better understand these network, a user must receive an invitation that has been validated as
prospects as well as the challenges, it is essential to comprehend how genuine. Either the network operator(s) or a specified set protocol
blockchain technology is deployed in the RE industry, and its influence. implemented by the network is required to validate the information.
Since the inception of blockchain technology, researchers have been The key difference between public and private blockchains is that
debating about the main types of blockchain. Depending on how the private blockchains regulate who is allowed to engage in the network,
blockchain is designed and how it is expected to fulfil the desired pur execute the consensus procedure that determines mining rights and re
pose, the content stored on the blocks of the blockchain and the activ wards, and maintain the shared ledger [136]. Fig. 7 presents a direct
ities conducted by the various participants on the blockchain networks comparison of the different types of blockchain. The owner or operator
can be controlled [136]. Blockchain networks can be classified into has the authority to make changes to or remove entries from the
public, private, and federated blockchains depending on the network blockchain as deemed necessary.
management system and the permissions granted to the network par
ticipants [137,138].
Public and private blockchains are the two most common types of Consensus algorithms
blockchain in a corporate setting (see Table 3 for a comparison between
the blockchain types, and respective examples). It is critical to under Consensus algorithms have numerous applications, including but not
stand the key differences between the two. Choosing the right form of limited to deciding when a distributed transaction in cryptocurrencies is
blockchain for a company’s solution is heavily dependent on these two valid. Consensus algorithms help in identifying what is in charge of a
types of blockchain. They are widely used in both the public and private distributed task, and ensuring that consistency exists among state ma
sectors. Permissioned blockchains, a third classification, have also chine replicas. Reaching an agreement on a blockchain network involves
gained traction. There is a wide range of case study examples based on many complexities and the task is daunting. There is always an ongoing
the public blockchain and private blockchain platforms [139,140]. Both addition of new records to the blockchain with new blocks being verified
public and private blockchain networks are decentralised and shared by every single node [145]. Before adding any transaction to the chain, a
among their users for the recording of all P2P transactions without a consensus algorithm is first applied to that transaction. The character
third party authorisation [141]. istics of the transaction and the type of algorithm determine the duration
of the consensus. Synchronisation among distributed systems is one of
Public blockchain the real-world applications of consensus algorithms [146]. There are
One can establish a blockchain that anybody can join and participate different types of consensus algorithms [17,46,147,148] in the available
in using a public blockchain, which is comparable to Bitcoin’s open- literature, as outlined below:
source model [142]. It allows participants to join and participate in
the essential functions of the blockchain. As long as the public block Proof of work (PoW)
chain network’s actions are open to everyone, it can continue to function This is the most widely used consensus method that was introduced
as a self-regulatory system. by Nakamoto [45] and forms the basis of Bitcoin. It is the most suitable
method for current cryptography and is widely adopted in many in
dustries. In this concept, miners verify the new transactions in addition
Table 3
to connecting the new blocks that are coming into the chain.
Difference between private and public blockchain [144].
Attributes Type of blockchain
Proof of stake (PoS)
Public Private The next commonly used consensus algorithm in blockchain tech
Access Anyone Single entity/organisation nology is the Proof of Stake after the PoW consensus algorithm. All
Authority Decentralised Centralised participants on the blockchain have the capability of assessing the
Transaction Slow Fast reliability of transactions [149,150]. This consensus algorithm solves
speed
the issues of energy efficiency in the Proof of Work concept [150]. The
Consensus Permissionless Permissioned
Efficiency Low High PoS works on the principle that the creator of the next block should be
Data handling Read and write for anyone Read and write for a single selected through combinations of a random selection of stake supply, as
entity/organisation well as the age that can provide scalability. Since scalability is an inte
Immutability Full Partial gral part of the process.
Energy More energy A lot less
consumption
Transactions per Fewer More Proof of authority (PoA)
second This consensus algorithm allows verified participants to offer new
Attacks High risk of collision Reduces risk of collision transactions, making the verification process more efficient and faster
Infrastructure High Low
[46,148].
cost
Native Token Yes Not necessary
Speed Slow Fast Proof of elapsed time (PoET)
Examples Bitcoin, Ethereum, Monero, R3 (Banks), EWF (Energy), B3i This algorithm is similar to that of PoW. Each miner in this concept is
Zcash, Dash, Litecoin, (Insurance), Corda, to solve a hash problem that is selected in the shortest expected time for
Stellar, etc Hyperledger Fabric.
a reliable function due to block production [148].
7
Fig. 7. A direct comparison between the different types of blockchain [136].
Practical Byzantine fault tolerance (PBFT) • Energy efficiency: the efficiency of the generated power from the
The PBFT consensus method solves the Byzantine general problem long distances to the consumers reduces is drastically reduced.
by assessing the ability of the Blockchain against Byzantine faults [151]. • Security and reliability: as monitoring is of the transmission lines is
This is because network attacks and errors emanating from software can practically impossible, security is compromised, thereby making
be a result of the arbitrary (Byzantine) behaviour of faulty nodes centralised energy systems less reliable.
[152,153]. This consensus is a form of responsive machine mode.
To make energy grids accessible, affordable, and sustainable, many The China Academy of ICT [157] gives the overall purpose of
startups around the world are already using blockchain to champion this blockchain system technology architecture in a White Paper, in which
course by way of enhancing and encouraging data sharing in real-time. the system is partitioned into several different components as shown in
The concept behind linking energy grids to the blockchain is quite Fig. 8. Blockchain systems can also ensure that excess energy is auto
simple; it works on the principle that, when you give consumers control matically sent into storage and that supply and payment for energy
over where they obtain their energy as well as the production data, it providers and consumers are regulated.
drives competition, thereby promoting sustainability [154], in contrast Buth et al. [158] used blockchain to empower distributed and
to centralised energy systems. decentralised local electricity markets by investigating its influence on
The current strategy to managing electrical power includes central
ised power generating, which can be located in areas where the resource
is most readily available. In order to transport electricity from the plant
to the load centres, large plants necessitate considerable capital expen
ditures and may necessitate additional transmission lines. As a result of
several studies in the available literature, it has become clearer why
distributed generation is a major or backup source of power for many
companies and organizations. [81]. The main drivers listed in the
literature are summarised below [155]:
• Transmission and distribution costs: The average cost of provided

power includes up to 30% of the total cost, including both trans
mission and distribution. Low-voltage distribution is most affordable
for industrial consumers, whereas high-voltage distribution is most
expensive for small- and medium-sized businesses [156]. The high
price for transmission and distribution results mainly from losses
made up of line losses, conversion losses, etc.
• Environmental impact: Because of its substantial reliance on coal
and, to a lesser extent, natural gas, the centralised energy system has
a significant negative impact on the environment.
• Rural electrification: Rural electrification is a difficult task in an in
tegrated power system because of two factors. If you have a little
consumption, connecting outlying locations through overhead lines
may not be cost-effective because of the long distances involved. As
the distance travelled increases, so do the transmission and distri
bution losses, amplifying this effect. The cost of bringing electricity
to rural areas is therefore prohibitive.
Fig. 8. The general technical architecture of blockchain [164].
8
the actor configuration of electricity. They concluded that blockchain is smart contracts.
not disrupting and decentralizing fast enough although many sources It is a fact that the basic concept of electricity generation is that from
expect this technology to fundamentally change industries centralised power systems, mostly generated from fossil fuels [166].
[36,159–161]. Pop et al. [162] however investigated how decentralised However, the concerns about unsustainable fossil energy and its
mechanisms are deployed to deliver transparent, secure, reliable, and damaging effects on climate change, which could have a lasting influ
timely energy flexibility measures, by adapting energy demand profiles ence on local economies have necessitated a transition towards sus
of Distributed Energy Prosumers (DEP). This was done to benefit par tainable energy [167]. The transition goes beyond just producing energy
ticipants in the flexibility markets. Their study was only limited to from RE, it embodies a shift towards a decentralised-based generation
blockchain-based distributed ledger stores in the energy presumption where users become prosumers and generate their electricity from
data from the IoT metering devices. According to Teufel et al. [163], to renewable sources [162]. The intermittency RE generation tests the
transform the electricity sector one needs to go outside the decentrali current electricity system [168] in ways unimaginable. These fluctua
sation drive in the electricity market. This is characterised by the tions may lead to instability in the supply of energy [158]. The growing
interaction of current and existing technologies from the energy sector electricity demand may only lead to an increase in the current crop of
together with other sectors, such as the ICT actors, etc. challenges [169–171]. Therefore, there is an urgent need for innovative
An API and centralised database might accomplish the same benefits grid management architectures that can support energy production and
as a blockchain implementation. However, many of the advantages of consumption [162,172].
the blockchain cannot currently be matched by any other technology. The principle of blockchain is such that, the distributed ledger can be
Blockchain projects in the energy sector are not yet completely opera used for different transactions between peers or for registering all kinds
tional or 100% effective. The technology has yet to mature, and the of assets between participants that are connected to the ledger. Also, a
energy market is incredibly complicated with many hurdles. In the short single copy of the ledger is shared through a P2P network and all copies
term, the most successful implementations can be found at a smaller are updated when a new, validated record is added as a new data block.
scale, such as in a neighbourhood or city, due to constraints. It is important to note that no single entity can change or erase the re
Wu et al. [131] argued that it is essential to consider blockchain as an cords/transactions within the master ledger. Any blockchain requires
innovation for managing digital societies rather than viewing it from the significant investment in infrastructure and pre-agreed parameters; the
perspective of a novel technology. Blockchain should be seen as a basic intent of the blockchain. If the goal is to record business transactions, the
tool necessary for democratising distributed applications. Siano et al. organisations, vendors, and clients concerned are interested in
[165] addressed the intermittency issues in RE sources with a providing ongoing data storage and processing services to the block
blockchain-based network between prosumers and users by assuming chain. Fig. 10 highlights the advantages of deploying blockchain
that both sides can participate in transactions through the P2P platform. technology.
In a recent study by [46], a novel structure was proposed on blockchain
integration into the renewables distribution network (see Fig. 9). They
argued that the participant responsible for operating the network should Classification of blockchain use cases
have complete control and plan the structure of the blockchain, while
transactions between prosumers and consumers are organised through Blockchain’s benefits have been recognised by industries throughout
the world almost since the day it was invented. When it comes to the
Fig. 9. Proposed blockchain distribution network in the presence of RE systems [46].
9
Fig. 10. Advantages of deploying blockchain technology.
distribution and accessibility of power, blockchain technology has is used by participants in the chain. Andoni et al. [17] gave a vivid state
proven to be an indispensable tool in the RE sector. The fact that energy, on the current use of blockchain applications in the energy industry,
like other commodities, is treated as an asset on the blockchain has made with more emphasis on innovations and novel ideas emerging from the
it impervious to attacks and manipulations. Transactions can be use of the technology. Over 140 innovations and initiatives in the energy
completed online and paid instantly, enabling automated reporting and industry were collated. A summary of the outcome was partitioned into
real-time verification of the information. This has a significant impact on eight groups as shown in Fig. 12.
lowering costs and increasing accessibility, hence increasing market The researchers discovered that roughly one in three use cases is
participation. To illustrate the practical applications of blockchain in the concerned with decentralised energy trading. Digital assets and invest
RE industry, see Fig. 11. ment accounted for one in five use cases. Internet of Things (IoT), smart
Currently, the energy sector is transitioning from traditional to smart devices, automation and asset management, and metering, billing, and
systems. Grid management has gotten more difficult as a result of the security, also accounted for 11% and 9% of the total use cases, respec
increased use of RE sources. Aside from that, the proliferation of pro tively, while other projects accounted for 6–7%. The authors further
sumers, distributed energy resources, and energy management have all classified these activities according to the platform and consensus al
contributed to a significant increase in the number of challenges facing gorithms used, for publicly available data, respectively. Solutions based
the industry as a whole. on Ethereum make up 60%, while those based on PoW algorithms make
When it comes to energy trading and crediting, blockchain tech 55%. Energy Web is being explored for 10% of the projects, which have
nology has proven to be one of the most significant technological publicly revealed information on the platform of their preference. En
breakthroughs of recent times. Distributed or wholesale transactions of ergy Web uses the PoAu consensus, a platform solution for energy utility
energy-related instruments can be facilitated by this technology, which companies. The Energy Foundation works together with market
Fig. 11. Blockchain applications in the RE sector [173].
10
the way [189,190]. Those accounts, once they have been entered into
the ledger, cannot be replaced by anybody else. The result is a system
that cannot be hacked. Along with this, the IoT’s move toward the
blockchain will pave the way for a far more efficient process from the
company to a recipient.
However, complexity issues such as high computational costs and
delays might be a problem in the integration of blockchain with IoT
systems that have limited power and storage capacity [196]. Fig. 13
depicts the challenges associated with utilising the blockchain to
manage IoT data. Table 4 highlights published articles on smart con
tracts for different purposes in IoT applications.
Blockchain-IoT players and use cases currently in existence

Sensors and smart chips are advancing quickly, making them more
portable and useful for real-time blockchain ledgers. It is possible to
create a marketplace of services between devices using blockchain
Fig. 12. Use cases of blockchain activities based on initiatives in the energy technology and the IoT. Already, there is a solid match for blockchain in
sector [17]. the IoT industry based on the expanding number of developing block
chain protocols, collaborations, and IoT device providers. Some current
participants to build an open-source blockchain that is scalable and blockchain-IoT players and their use cases are described briefly below
specially designed for energy market needs [174]. [197]:
• Chain of Things (CoT) – It is a research lab and venture studio

Blockchain and the Internet of Things (IoT) platforms focused on solving fundamental difficulties in the connected devices
market and developing highly efficient future applications by using
The IoT permits the interaction of two or more devices over the the nexus between blockchain and IoT [198]. Systemic challenges
internet. It creates a platform that allows devices; physical or virtual, to with security and interoperability may be addressed by using CoT
connect and communicate with each other using the internet, often from the beginning of a device’s lifecycle. With this, industrial,
without human interference [175–182]. IoT devices collect and share environmental, and humanitarian initiatives will be developed and
data about the way they are used, and about the environment. The deployed through business partnerships, joint ventures, and internal
harnessed data allow us to program these devices to operate and solve projects. A blockchain and IoT hardware solution was developed to
our everyday challenges or create innovative digital ideas to ease our address difficulties with identification, security, and interoperability.
dealings. Three use cases have been developed: Chain of Security, Solar Chain,
As a result of smart contracts, blockchains have become more than and Chain of Shipping.
just distributed ledgers or databases. A blockchain-based smart contract • IOTA is a protocol for fast transaction settlement and data integrity.
is a self-executing script with a high degree of autonomy that creates a With the so-called Tangle ledger, IOTA eliminates the need for costly
decentralised platform. A significant number of IoT developers and mining (validation of transactions) [199]. A potential architecture
companies have now made it a priority [183,184]. Blockchain and IoT for IoT devices that need to analyse massive volumes of micro-data is
have both demonstrated that they can significantly enhance and benefit IOTA. There are three main features of the Tangle ledger: machine-
industries in which they have been implemented. This section explores to-machine connectivity, fee-free micropayments, and data that is
the implementation of blockchain IoT (BIoT). quantum resistant. More than 20 organizations have partnered with
Conventional cloud-based server-client cloud topologies are the
primary means of communication for current IoT applications. Current
and anticipated expansion in the IoT industry has inspired the creation
of a new set of architectural concepts to address its inadequacies, such as
large P2P Wireless Sensor Networks (P2P-WSNs) [185,186]. Data from
IoT sensors is received, archived, and processed by IoT platforms in
order to achieve a pre-determined knowledge extraction target.
As the current energy system continues to evolve, blockchain and IoT
are becoming increasingly important components. Focusing on these
technical advances, Doorsamy et al. [187] reported on transitioning the
energy sector into an Internet of Energy environment (IoE). The authors
looked at how blockchain and IoT fit into this transition and dealt with
the challenges associated with their development and application in the
sector. The energy sector’s security, privacy, and dependability are all
affected by the numerous components and subsystems of blockchain and
IoT technology, and the study gives technical insight into potential so
lutions to these issues. Wang et al. [188] studied the universal coding
and identification of smart grid IoT devices since more and more IoT
devices in the smart grid need to be monitored and regulated. In order to
link huge power IoT devices with the 5G network, the authors used a
combination of blockchain and 5G MEC. They noted that IoT devices in
smart grids may be reliably identified and registered using blockchain
due to their distributed storage and trustworthiness.
One of the advantages of using the blockchain in a wide range of
applications, not only the IoT, is that every transaction is recorded along Fig. 13. The challenges of adopting blockchain in IoT [189].
11
Table 4
IoT applications that use smart contracts.
Purpose Application Reference
Energy management Smart grid [162,188]

Logistics Smart supply chain [191,192]
P2P trading Energy trading [193]
Distributed energy Electrical energy [194]
decentralization
Internet-of-energy (IoE) Modern energy systems [187]
Digital transformation of industrial Autonomous business [195]
corporations models
IOTA to build a sensor data marketplace and join the market for data-
driven insights.
• Riddle&Code designed its hardware and software stacks to combine
the highest levels of security with the possibilities of blockchain
technology [200]. With the use of hardware extensions, credit card-
level security features may be integrated into the blockchain
ecosystem. It bridges the gap between paper-based records and the
benefits that blockchain technology provides by bridging the phys
ical/digital divide between both. Fig. 14. Anticipated growth of IoT from 2015 to 2025 [204].
Fundamental characteristics of a typical IoT system use. However, they propose blockchain technology as a solution to the
The IoT system is transforming our lives, businesses, as well as numerous challenges facing IoT deployment in the energy industry,
economies. It produces uncountable digitised services and applications including privacy and security concerns. The role of IoT in the energy
capable of providing several advantages over existing solutions. These sector, in particular, RES is discussed in this section. The emergence of
applications and services have some commonalities [116,182,201]: IoT has ushered in smart ideas to conserve energy at a more efficient,
reliable, and robust level, termed a smart grid. The integration of the
• Connectivity; an essential key feature of the IoT system that allows transmission and distribution of power process. The supply of electricity
devices and components to have remote accessibility. It is difficult if to consumers from power plants smartly and efficiently is as well
not impossible to execute a business use case without a certain level highlighted.
of communication among the interrelated components of the IoT In the generation and distribution of power, users can track the major
ecosystems. parameters in the energy production equation, such as current and
• Sensing; the Wireless Sensor Network (WSN) actively accelerates voltage. The data generated from the installed current or voltage sensors
growth in several IoT domains. The WSN gathers and sends infor that are connected to a control unit is transferred and stored, which
mation over a communication medium to be processed. makes the generation and distribution of electricity more efficient
[209–211]. IoT devices reduce the required periodic visits to power
In the absence of grid-scale energy storage capacity, the level of plants for monitoring purposes as this can now be monitored and
acceptance of decentralised energy networks has been augmented by the maintained remotely. This has eliminated the challenging and risky task
prospects of renewable energy integration with IoT devices [202,203]. of visiting power transmission systems. This allows operators to
The emergence of IoT smart metering has allowed prosumers to maxi remotely detect faults in advance along with solutions [210,212,213].
mize the production of electrical energy and be able to store any excess This maximises employees’ safety as well as reduces the cost of labour
energy, as it is no longer used as generated. [214]. The integration of IoT devices increases energy efficiency, re
However, the number of uncertainties has tremendously increased duces cost, as well as automates the power transmission system. There
because of the integration of RE with the IoT devices, which is in part are challenges confronting renewables due to intermittency demand
due to the intermittent and unpredictable nature of RE generation accurate and precise forecasting of wind and solar availability to reduce
[14,172]. Sudden changes in the production of energy; informs of sur the effects of insufficient resources [213]. The forecast would help in
plus or deficit may go a long way to affect components of energy pro effective scheduling as well as bring about dynamic nature in all power
duction. This may threaten the security of the energy supply, which system levels at the same time balancing variable generation by keeping
could lead to power outages or service disruptions. IoT devices in cir the grid stable [213,215].
culation grew astronomically in 2008, surpassing the world’s popula Despite the numerous advantages offered by IoT, it may still face
tion. Developers come up with novel applications and services day in some challenges [102], as data can be compromised, and may result in
day out due to several advantages of the IoT system. It is stated that IoT the leakage of sensitive information [103]. Some IoT devices also
devices in circulation are expected to reach nearly seventy-five billion require management by more than one person at any particular time.
devices by 2025[204], as depicted in Fig. 14. Security concerns and regulation, as well as compatibility, are also some
of the few issues facing the full implementation of IoT systems. Keeping
IoT and the renewable energy industry in mind these points, researchers are now starting to migrate from
The energy sector consists of 64% of fossil fuels, which makes it the centralised to decentralised architecture for management as well as
top consumed source of energy, globally [205]. However, its con storage of IoT devices. This will as well help in automating the RE in
sumption has various repercussions on our well-being. IoT devices in dustry as these devices are integrated into the smart metering systems.
crease the efficient and effective utilisation of RE sources. Energy
efficiency, which involves less consumption of energy for delivering the Blockchain and renewable energy markets
same service, and the development of RES are fundamental to reducing
the impacts of fossil energy use [206,207]. Hossein et al. [208] high Current electricity systems are being replaced by less carbon-
lighted that the key enablers of sustainable energy transitions and the intensive, more digital, and more decentralised ones. This is accom
mitigation of climate change are renewables and optimisation of energy plished through the use of blockchain technology to automate and
12
implement formidable data management tactics without compromising RE in the energy mix [219]. Fig. 15 highlights a P2P transaction between
security and while delivering low-cost operations critical to future en two parties. In this transactional process, the excess energy produced
ergy grids. Current real-world blockchain initiatives are more focused on from Sidique is directly traded with his neighbour without any third-
power trading platforms, grid optimisation, electric vehicles, and Cer party involvement. There is substantial published research on grid
tificates of Origin management. Wholesale, retail and P2P power trading decentralization management through blockchain. According to Zhu
systems are the primary focus of modern energy trading applications. mabekuly et al. [219], smart grids are capable of transforming resi
Renewable Energy Certificates (RECs) are often used as verification that dential power generation sites into distributed energy trading platforms,
energy has been generated from renewable sources. These certificates such as community microgrids, and as well monitoring consumption.
can be obtained on trading platforms. Therefore, it is essential to provide smart grids with a secure energy-
trading infrastructure capable of executing contracts among participants
Trading/Transactive renewable energy without compromising identity privacy. The mechanism for using smart
The US Department of Commerce defines transactive energy as a girds to trade renewable energy is further highlighted in [220]. The
“system of economic and control mechanisms that allows the dynamic bal authors argued that, unlike other approaches that rely on forecasts,
ance of supply and demand across the entire electrical infrastructure using DSOs bill participants following what they consume and are rewarded
value as a key operational parameter” [216]. The decentralisation of en on their actual production. Blockchain [45] also permits new opportu
ergy generation and consumption through blockchain is disrupting the nities for decentralised market designs. It provides the needed platforms
conventional centralised manner of exchange and trading of energy for energy end-users to participate in the energy transaction process
[217]. The disruptive nature of decentralised trading has some benefits [221].
to offer transactive energy trading. This has called for several partner
ships to be established for the implementation of various projects. Local energy markets (LEM)
Automated bill payment systems and renewable-based crypto The high infiltration of renewable resources requires electricity
currencies are just two examples of the many applications that have markets to evolve; since consumers are becoming prosumers [222]. This
already been developed in the drive to move toward a new energy world evolution means that traditional transaction processes are no longer
that is more decentralised, decarbonised, and digitised. The blockchain valid or are inadequate in accommodating the fluctuations in the gen
is a platform that allows members to have a great degree of control over eration of RE. These fluctuations have prompted the European Com
their transactions. In addition, utilities and grid operators can better mission (EC) to state the need for combined short-term energy markets
balance energy supply and demand by interacting with prosumers and recognized the role played by energy communities. It is essential to
directly and in real-time, which makes them more effective and efficient. assure a balance between generation and consumption on a local level,
As a result, RES can be effectively integrated into central control systems which could be made possible by microgrids and energy communities. A
at a low cost. It is possible to create decentralised grid topologies and two-sided market is needed to provide a more dynamic and efficient
implement distributed administration of energy transactions using the allocation to cope with the intermittency, by doing so, Local Energy
blockchain [137,218]. Markets (LEM) were introduced [223].
The possible benefits of blockchain for RE include decentralised P2P Local Energy Markets (LEM) offer the first step to a fully integrated
energy trading without the need for an intermediary like Distributed transactive system. The emergence of constraints as a result of decen
System Operators (DSOs), which allows for the implementation of tralization, digitisation as well as decarbonisation has catapulted LEMs
secure energy transactions, thereby increasing the share of distributed to the spotlight of energy discussions [224,225]. However, challenges
Fig. 15. P2P energy trading scenario; energy credits are traded Microgrid based on smart contracts.
13
with pricing mechanisms between participants have further deepened participants. This comes with its challenges as advanced bidding for
these constraints. Each participant is entitled to energy generation and energy relies on forecasting of supply and demand, which creates room
demand within a given time, as trading between participants is allowed for misleading energy prices. This could lead to higher costs for market
in the market system [226]. Therefore, LEM empowers communities participants. Also, the tendency for market participants to maximise
through various incentives such as cost reduction, and the ability to have profits and minimise costs has made market players heavily rely on
virtual trade deals within their communities [227]. A community is a trading techniques that are not tested. This sometimes misleads partic
group of close energy participants, geographically and sometimes, so ipants unfamiliar with the market to unintentionally set unrealistic
cially. Local energy trading also often boosts host economies, as profits prices, which leads to an unmatched order for their commodity. Since no
are circulated in the community, encouraging further developments in buyer could at the time rightly be matched with what they produced, it
local RES generation by way of investments [130]. Lezama and Kaisers is injected back into the grid, without any profits or loss. Unless they
[228] made an illustration that LEMs facilitate the energy transition have the capability of storing their untraded energy by way of investing
process by increasing the penetration of RES through a fully integrated in batteries, which can then be injected into the market at the time they
transactive system. This was done by analysing a microgrid under un find a buyer. Separate energy balancing strategies may also need to be
certain flexible loads and market participation. Teotia and Bhakar [229] employed [241] to cope with the market in real-time.
stated that the LEM allows participants within the market to benefit This system allows dependency on agents or intermediaries or on the
from the generation of energy, storage, and demand response at the local Distributed System Operator (DSO) to be eliminated or reduced as de
level. Table 5 brings to light the advantages and disadvantages of mand and supply are matched immediately between participants,
blockchain in the LEM platforms. resulting in a more decentralised and competitive atmosphere. Howev
The integration of distributed RE into the energy supply system is er, DOSs are still relevant as they supply a larger portion of the energy in
one of the most pressing contemporary issues in the energy transition circulation to cover demand. This is because locally produced energy
equation. Markets are unable to respond quickly enough to the inter can only supply just a very small portion of all consumption. DSOs could
mittent RES that is currently available [230,231]. The locality of energy facilitate the transition to the smart grid setting as it allows for easier
services needs to be factored into a new market approach in integrating mergers with the current platforms.
RES into the general energy systems [129,232]. LEM provides a platform
for the energy market to a community based on their needs. Peer-to-Peer (P2P) energy sales on the blockchain
This involves more than one participant in the buying and selling of
Wholesale energy trading and supply energy on an agreed contract. This often involves solar energy as it is the
The term wholesale energy refers to energy, such as electricity that is most commonly produced source of RE. The surplus power can be traded
traded by numerous participants. They usually include electricity gen (see Fig. 14) through a secure platform such as blockchain technology.
erators or producers, companies that import or produce energy, sell This market-based system permits participants to choose their desire-
energy in the wholesale market. However, energy-consuming busi trading partner. Excess energy production is sent back to the grid for a
nesses, such as large industrial companies, or those that have energy- small feed-in tariff rate. Fig. 16 shows a community of P2P networks
consuming customers purchase the energy they require in the whole within the blockchain, and Table 6 highlights the prosumer market
sale energy markets. Trading platforms and financial institutions such as models.
banks use the wholesale markets to provide the needed liquidity, The blockchain processes and stores data, such as transactions in the
manage risk, optimize assets, and speculate on the price movements of form of RE credits, to be traded through the database [222]. The system
wholesale energy. It allows producers and retailers of energy to buy and consists of numerous nodes connected through a common network. The
sell energy products. It allows retailers to avail themselves of to bid for nodes are stored in a public system. Each node discovers the neigh
output from competing generators. This approach drives innovation and bouring nodes through an established networking protocol, which cre
gives consumers a buying choice. Wholesale markets provide a platform ates a link with the neighbouring nodes.
for a balance between energy supply and demand in real-time, with the The identity of each node is verified by the protocol to prevent at
intent of stabilizing prices as well as keeping prices low. A market tacks on the network. After a connection is established by a node to a
perspective where prosumers and consumers participate in a double neighbouring node through a network communication protocol, there is
auction and trade energy on an advanced basis is highlighted in a data transceiver module that finalises the data exchange with other
[240–242], in particular, locally generated energy. Orders for buying as nodes. This module serves as a transaction broadcaster, message
well as selling energy are submitted to a public ledger [220], where consensus, and data synchroniser. On P2P trading platforms [222]:
matching of orders is done either in a continuous [242] or in a discrete
manner [241]. • There is access to RE by consumers at a reasonable price from their
This market-based control concept has the advantage of achieving a neighbours, and producers sell their excess energy at a better price
balanced market as demand and supply are aligned based on the in than they would receive as a FiT.
terests of participants, thereby offering the best allocation to • the electricity cost is reduced as energy is no more transported from
centrally located power plants, as approximately 41.1% of electricity
Table 5 costs goes towards managing and maintaining transportation gears
Merits and demerits of using blockchain technology in LEM. [244] (see Fig. 17).
Merits Demerits
• energy is generated from renewables, which in itself has numerous
benefits.
It is a distributed and secure database, It is a complex technology and various
• transactions are public and cannot be changed or manipulated in any
bottom-up system [233] challenges are unsolved [234]
There are transparency, reliability, and It has several scalability issues [236] way creating full transparency.
equality of participants [235]
There is no need for central authority It involves high energy consumption Peer-to-Peer energy trading platforms
[237] [238] We can see a few real-world examples of how blockchain can facil
It provides cost-efficient and cost- It is still an immature technology [234]
effective micro-transactions [236]
itate microgrid investment. The use of cryptocurrency for monetary
Its system is decentralised [234] There is a social apprehension to new transactions is an apparent use case for the energy sector or blockchain
technologies in general [239] technology. It is theoretically possible to accomplish full decentraliza
Transactions performed are irreversible tion of the energy market with such blockchain applications by
[237]
detaching financial transactions from a central control unit. In the long
14
Fig. 16. Blockchain P2P network.
Table 6
Summary of three prosumer market models [243].
Prosumer Role Function Profit Relationship with utilities Challenges
market optimization
model orientation
P2P Make it easier for individuals to Distribute presuming Individual agent Prosumers compete with (1) The expense of establishing and
conduct transactions with one services between utilities over clients sustaining a widely dispersed and
other individuals diversified distribution system;
(2) responsible for ensuring the
supply of energy services that are both
safe and of high quality
Prosumer-to- Capture or aggregate the value of Optimize the integration of (1) Individual Prosumers primarily serve as Data from many prosuming agents are
grid energy services provided by several individual agent, grid; (2) the grid partners, providing a being integrated and optimised.
prosumers. Prosumption services prosumers into the system local/main grid wide range of services.
can be sold in two-tiered to provide high-quality
marketplaces through agents energy services.
Organised Serve a group of prosumers’ Optimise the system’s (1) Agent groups, There are a lot of ways in (1) Achieving optimal results from
prosumer needs and interests. integration of a small grid; (2) the local/ which prosumers contribute massive volumes of data collected
groups number of structured main grid to the grid, although they’re from prosumers; (2) management,
prosumer groups to deliver more commonly seen as arrangement, optimisation, and
high-quality energy partners. balancing of agent relations in the
services. group is complicated and expensive.
run, these improvements could lead to inventions that increase access to power producers with solar panels on their roofs. Vandebron aims to
energy in developing countries. balance the energy market by acting as an energy supplier [48,247].
The first-ever recorded P2P energy trade occurred in 2016 through
the Ethereum blockchain [244]. The idea has since been circulated Suncontract. Suncontract launched the first trading platform in the
globally. Energy trading platforms are mostly focused on business world. Suncontract has collaborations to provide energy-trading plat
models and energy markets playing the role of suppliers in the RE in forms to households. It allows participants to sign contracts amongst one
dustry. Local control and ICT systems for Microgrids are the targets of another using a mobile app [248].
these platforms [245,246]. Here are just a few of the innovative P2P The P2P energy trading market allows participants to save the cost of
solutions in RES across the globe: energy, which results in a value paid by the participant to the distributor
through an aggregator [249]. The revolution towards the P2P power
Vandebron. Vandebron is an Amsterdam, Netherlands-based green en exchange system allows for the production, consumption, and selling of
ergy provider that provides green power and regular gas to residential surplus electricity capacity as it is done in the commodities market. It
and commercial users. No energy is produced by the company; instead, further makes it easy for power loads from participants to be connected
it sells the energy produced by other companies. Vandebron allows to retailers as well as the wholesale market. In the work of [250], the
participants to trade directly from independent energy producers. They authors proposed a central P2P that matches buyers and sellers in a
may be farmers with wind turbines in their farmlands or residential randomized manner. The authors highlighted that trading is conducted
15
PONTON Gridchain and Enerchain. An application of blockchain for grid

process integration was developed by PONTON, a German software
company. Grid-chain, a pilot software, models future real-time grid
management operations and achieves the following outcomes [256]:
Within seconds, TSOs, DSOs, aggregators, and generation units coordi
nated balancing power requests; before the delivery period, DSOs
interacted with the balancing request process; signaling to aggregators
about adjusting their merit order list based on short-term load signals,
and down settlement time was reduced from 1 month to 15 min. Another
idea is Enerchain, a blockchain-based network that allows users to buy
and sell energy directly from one another.
Table 7 details these companies/projects spearheading blockchain
technology in the RE space. The funding figures for the individual
companies are obtained from [257]. Blockchain technology is being
experimented with by major energy corporations as well as start-ups, on
various projects. These efforts and blockchain implementations are at
various stages of development. Most of these projects are in infancy, and
Fig. 17. Typical electricity cost breakdown [244]. are built on the Ethereum network, which is a robust and accessible
blockchain that allows the creation of smart contracts. The most
bilaterally between directly affected participants. remarkable aspect about blockchain is how many uses it can be put to. A
flexible grid over the blockchain may be created by making devices
Bankymoon. Bankymoon is a provider of prepaid meters that are blockchain-enabled in order to balance out the grid with data from the
blockchain-aware [251]. The goal is to make funding for energy, water, blockchain after all of the data is recorded and P2P trade takes place
and gas available to everyone in the world. By transferring money to the over it.
meter in several cryptocurrencies, “loading” the meters is possible. As As shown in Table 8, categorisation has been created for the initia
part of the pilot project, anyone throughout the world can directly tives because of the significant overlap in their aims, described in
transfer Bitcoins to a school’s meter in order to support, for example, a Table 7. An initiative can pursue many of these aims at once. In the
month of electricity for the school. initiatives that have been identified, the following five types of shared
goals have been identified [258]:
LO3 Energy – TransActive Grid and Brooklyn MicroGrid. The TransActive
Grid platform [252] was created by LO3 Energy and is built on Ethereum • Energy trading: Developing a P2P trading platform for prosumers
and smart contracts. In a distributed grid and transactive energy space, on a decentralised market.
the platform is geared toward multiple business models. P2P energy • Local markets: making small energy markets a priority for com
transactions, control of DERs for grid balancing, demand response, munities and municipalities.
emergency management, and other purposes are all possible because of • Rewarding crypto: The provision of RE is rewarded in the form of
this technology. A computer and an electric meter are used to create unique cryptocurrency tokens.
TransActive Grid elements (TAG-e) [253]. The TAG-e are responsible for • Pay/receive crypto: using cryptocurrency to allow users to pay for
monitoring energy production and consumption, distributing this data their energy outside of their homes, while also allowing recipients to
to other TAG-e in the network, and taking action based on this data. The share their energy supply in exchange for cryptocurrency.
goal is to build a smart microgrid based on blockchain. One other • Grid balancing: synchronize supply and demand by using auto
initiative is the Brooklyn Microgrid, a peer-to-peer energy market for mated techniques. See David [258] for a comprehensive state-of-the-
locally produced renewable energy [130]. art of these classifications.
This concept revolutionises the way energy is shared and distributed.
The Exergy platform allows participants to trade electricity on an P2P energy trading platforms have come a long way and have been
auction-based market. The successful implementation in New York with considered by numerous researchers as a way of organising large
the Brooklyn Microgrid [130] has created more closed projects for LO3 numbers of transactions in distributed energy power systems [243,259].
in South Australia and other parts of the world [222]. Several researchers have put many market designs as well as incentives
forward for trading energy in distribution networks [260,261], and in
microgrids [262] by market participants. See Table 9 for these sources.
PowerLedger. Using blockchain technology, PowerLedger [254] creates
In a recent study by [283], a blockchain algorithm was used to design
a market trading and clearing mechanism. In microgrids and the dis
a technique for executing a trade by participants with the help of an
tribution network, RE producers can sell their excess energy at a pre
iterative double auction mechanism. The interactions among inter
determined price. A portion of the energy traded across the distribution
connected autonomous microgrids were studied in [253], while Wang
network is paid to the DSOs that manage the system.
and Huang [284] developed a strategy for these interconnections on
trading, as well as scheduling of energy. A trading framework on
Electron. Electron, a startup established in the UK, creates Ethereum-
transactive energy for distributed systems while factoring in both eco
based energy solutions that integrate with existing systems [255]. The
nomic and technical issues in energy is designed by [285], where the
Meter Registration Platform (MRP) is a shared registration platform for
trading platform is built on the Alternating Direction Method of Multi
many types of assets, such as gas and electricity supply points, that al
pliers (ADMM). As a result of the rapid development of blockchain
lows for near-real-time switching of energy suppliers. The Flexibility
technology, P2P energy trading is now a widely accepted idea in the
Trading Platform (FTP) is a demand-side response exchange platform
decentralised RE sector, providing enormous benefits to previously un
that allows collaborative trading similar to P2P trading. Another area of
derserved individuals and communities worldwide. While P2P energy
focus is Smart Meter Data Privacy (SMDP), which uses encryption
trading is yet to reach the stage of mass integration, the idea is seen as a
techniques to enable value extraction from smart meter data while also
fundamental component for the future of energy trading.
protecting the privacy of users’ data.
16
Table 7
Companies/projects in blockchain-enabled energy sector applications.
Company/project Country Blockchain Blockchain Consensus Funding Year Blockchain application
type mechanism launched
Bankymoon South Africa Bitcoin Public PoW – 2014 This company provides consumers with the
opportunity to top up smart meters using
bitcoin in real-time.
ElectricChain – Own blockchain – – – – Database incentive distributed widely and
easily accessible for the production of solar
panels.
Dajie – – – – – – P2P energy trade and the redemption of
carbon credits.
Energy Web Switzerland – – – $2.5 M 2017 An international non-profit organization
Foundation dedicated to the advancement of blockchain
technology in the energy sector.
Share&Charge Germany Ethereum Public PoS – – This enables P2P energy exchange between
electric vehicles and private charging stations.
Electron UK Ethereum – PoW €1.4 M – Building more reliable, resilient, and
adaptable energy systems with the use of
blockchain technology.
Solether – Ethereum – – – – A solar-powered USB port powers a single-
board computer that checks an Ethereum
address when a payment is made.
COI Energy Services USA $2.5 M Using AI, Machine Learning, and blockchain-
enabled technology, the company aims to
reduce energy waste.
GridSingularity Germany Ethereum EWF Public PoW – 2016 Using blockchain technology to create an
open Internet-based decentralised energy data
trading network.
Innogy Germany Ethereum – – – – Developing a peer-to-peer (P2P) energy
market where anybody may buy, sell and own
energy resources.
Blok-Z Turkey – – – $250 k – Securing a distributed, decentralised, and
carbon-free energy supply chain using
enterprise-grade blockchain technology.
Energo Labs China – – – – – Decentralised Autonomous Energy (DAE)
communities are established where energy is
a digital asset that may be traded for many
applications, such as P2P, renewable energy
certificate trading, and virtual net metering
(VNM).
Stedin The – – – – – Analysing blockchain’s potential for use in the
Netherlands energy industry.
Ponton: Enerchain Germany, but Enerchain framework/ – – – – P2P market, and trading flexibility
global focus chain
Hanzenet The Disney Dragonchain – – – – Creates profiles and distributes surplus from
Netherlands one house to the other.
Energy21 The – – – – – New energy market model with a
Netherlands sophisticated P2P market, matching output
and consumption per PTU and allowing
machines to act on surplus or insufficient
energy.
Electrify Singapore – – – $35 M 2016 Making it possible for utilities and customers
to buy and sell RE via P2P trading on the
blockchain.
Unibright- Germany – – – – 2021 Using blockchain technology for hydroelectric
Baseledger power projects that are decentralised.
Greeneum Network Israel – – – – 2014 A decentralised network that compensates
users for promoting an environmentally
responsible future.
StromDAO Germany Ethereum – – – – Smart contracts and a local grid are used to
automatically create and execute all
transactions.
GrunStromJeton Germany Ethereum Public Private PoA – – A method of determining how much
electricity is being used.
GridPlus USA – – – – 2017 With the use of an Ethereum-based blockchain
network, customers may bypass the
middleman and buy energy directly from
producers.
Vector New Zealand – – – – – Using PowerLedger for P2P trading.
IDYEE France – – – – – Allows businesses to lessen their carbon
footprint by connecting them with energy
professionals that provide energy efficiency
solutions, brokerage, certification, and local
certified RE purchasing options in short
circuits, using RAFT consensus blockchain
technology, which is energy-efficient.
Volt markets USA Ethereum – – – – Creates a renewable energy trading
marketplace. The blockchain provides a
(continued on next page)
17
Table 7 (continued )
Company/project Country Blockchain Blockchain Consensus Funding Year Blockchain application
type mechanism launched
means of verifying the existence of a given

resource.
Greeneum Israel EOS – DPoS – – For every kilowatt-hour of renewable energy
(RE) generated, bitcoin tokens are given out in
the form of Green Certificates and Carbon
Credits.
Efforce Malta – – – – 2017 For the first time, energy savings realised by
efficiency initiatives around the world can be
shared with contributors through this
platform.
TransActiveGrid USA Ethereum – PoW – – Using blockchain technology for P2P energy
trading.
Qiwi Russia – – – – 2017 Enabling Russians to conduct energy
transactions using blockchain technology.
PowerLedger Australia EcoChainEthereum PublicPrivate PoWPoS $35 M 2016 The company has developed several world-
class blockchain energy applications,
including its P2P energy trading platform.
WePower Lithuania 2018 Using a blockchain-based network, this
company links green energy producers with
consumers. By using blockchain, consumers
may more easily buy electricity from solar and
wind farms. Additionally, this company raises
money for the deployment of RE.
BCDC Ecochain – Bitcoin, BCDC tokens, – – – – A blockchain-based investment platform that
and smart contracts connects investors with renewable energy
projects.
Insolar Russia – – – $41.5 M 2017 An open-source blockchain platform that
organizes business relationships.
Co-tricity Germany – – – – 2016 RE matchmaking between producers and
consumers. Finally, the creation of
blockchain-based profiles was completed.
Griddy USA – – – – 2016 Makes it possible for retail consumers to be
supplied with power from the wholesale
market.
NRGcoin Belgium Various PublicPrivate Various – – Allowing low-voltage grids to encourage local
generation and consumption of renewable
energy (RE).
Sun Exchange South Africa Ethereum – PoW $3.7 M 2015 Connects those interested in solar energy
investment through the use of the blockchain
platform. Investors receive dividends based
on the amount of energy produced by the
company.
Lition Germany – – – – 2017 A P2P energy trading platform built on the
blockchain to cut out all the middlemen,
clients save money on their electricity bills,
while at the same time improving the capacity
of the power plant.
BrooklynMicrogrid USA Ethereum – PoW – 2016 Transactive Grid operates a P2P energy
trading network based on Blockchain
technology.
SolarCoin USA Litecoin Public PoW 2014 A cryptocurrency was introduced in around
32 countries. One solar coin is rewarded by
the organization per Mega Watt Hour of solar
energy produced.
Sonnen Germany 2019 Decentralised energy storage systems put in
homes can be networked using blockchain
technology and utilized to improve grid
stability, a pilot project by this company
shown.
Pexapark Switzerland – – – €5.1 M – Wind energy producers may now access an
all-in-one RE platform that includes data
analytics, peer-based learning, a marketplace
for 3rd-party services, as well as professional
guidance.
LO3 Energy USA – – – $16.8 M – To transform how energy is generated, stored,
sold, and used at the local level by developing
blockchain-based solutions.
Nimray Solar India – – – – – Develop a blockchain-based trading system
for solar energy using mobile apps.
ConnectDER USA – – – $17.2 M 2011 Bring power and data from DERs at the
household scale into the main grid.
Virtual Global Switzerland – – – – 2018 An innovative, state-of-the-art customer
Energy Trading portal and trading platform for energy aim to
change the energy sector by connecting all
participants in the industry and energy tools
like e-mobility.
18
Table 8 Table 9
Mapping initiatives onto classification [258]. Summaries of selected publications on the integration of Blockchain into RES.
Company Energy Local Rewarding Pay/ Grid Source Major contribution
trading markets crypto receive balancing
Guru and Kumar The authors designed a P2P energy platform based on a
crypto
[263] proposed energy grid architecture that influences the flow
AdptEVE ✓ ✓ of energy, predicts expected load, as well as analyses how
Freeeloio consumers behave.
Bankymoon ✓ Christidis et al. [264] The study explicitly identifies and analyses how design
Usizo choices affect market decentralisation.
BCDC EcoChain ✓ Tsao et al. [41] They used a robust fuzzy multi-objective optimisation
Brooklynn ✓ technique to provide demand response programs by
Microgrid leveraging blockchain.
Co-tricity ✓ Tsao and Thanh [40] The issue of variability and uncertainty was addressed for a
Conjoule ✓ ✓ sustainable microgrid by using a fuzzy multi-objective
Dajie ✓ ✓ programming model.
Electron ✓ ✓ Wu et al. [265] This paper highlights the IoT drivers in the digitisation of
Greeneum ✓ transactive Energy Internet (EI) and as well as how
Grid Singularity ✓ ✓ blockchain empowers transactive EI decentralisation.
GridPlus ✓ ✓ Zhang et al. [266] Developed a Renewable Energy Certificates (REC) trading
GrunStromJeton ✓ system based on blockchain technology.
Hanzenet ✓ ✓ Mengelkamp et al. Participants in the energy market were provided with a
Hive [129] decentralised market platform to trade local energy
Innogy ✓ generation devoid of third-party involvement.
Lumenaza ✓ Khattak et al. [267] They automated the bidding process by using smart
NRGCoin ✓ contracts for transactions based on supply and demand.
OneUp ✓ Karavas et al. [172] A multi-agent system was designed by employing Fuzzy
Ponton ✓ Cognitive Maps for its implementation.
EnerChain Pop et al. [162] They observed that demand and production of energy can
PowerLedger ✓ be matched by using a blockchain-based distributed
Qiwi ✓ demand-side management at the smart grid level.
Scanergy ✓ Tsao and Thanh [39] They developed a technique to prove that uncertain
Share & Charge ✓ demand and default risk have a strong effect on the solution
Smappee ✓ to type-2 fuzzy model, and are capable of improving the
Solarcoin ✓ total profit of the RE microgrid by roughly 1.73%.
Solether ✓ ✓ Chakraborty et al. Based on the heterogeneity of prosumer preferences, the
Stedin + ✓ [268] researchers designed an automated P2P negotiation
Energy21 strategy for settling energy contracts. Their proposed
StromDAO technique increases the efficiency of the system and overall
Sun exchange ✓ ✓ fairness over a baseline strategy.
SunContract Foti and Vavalis [269] They compared three implementation techniques on
TenneT ✓ ✓ energy markets and observed that the overall blockchain
Vector ✓ overhead cost can be reduced by installing certain
Volt markets ✓ computation modules. They maximised the economic
WePower. ✓ benefits for rooftop solar batteries in a P2P energy-trading
Network environment by using a proposed optimisation model.
Wien Energie ✓ Chen et al. [270] From historical transaction data, they developed a market
prediction model to better understand the link between
prosumer bidding behaviours and market responses. As a
Evolution of blockchain implementation in renewable energy generation result of this concept, flexible resources may easily be
integrated into power markets.
Vergados et al. [271] They viewed prosumers as virtual clusters for market
After the emergence of blockchain in 2008 and the ultimate incep participants in the form of a single entity, and to reduce the
tion of cryptocurrencies, the first real-life applications of its applications total energy cost. Establish that, a significant cost reduction
started in April 2016 with the Brooklyn MicroGrid project. Pricewa might be achieved by putting prosumers into groups or
terhouseCoopers (PwC) conducted a comprehensive study on the po clusters.
Afzal et al. [272] They formulated a technique for minimising the cost of
tential benefits of blockchain technology for the energy industry [8].
electricity and the total cost of energy consumption. The
According to their findings, blockchain development is more advanced system enforces independent monitoring of smart
in the financial sector than in the energy sector, although there are a appliances and the billing of electricity consumption
broad variety of use cases in both sectors [8]. Using the blockchain, through smart contracts.
energy may be decentralised in a way that allows it to be purchased and Hayes et al. [273] Provided a framework for assessing the distribution
network impacts of P2P trading.
sold directly, with a great degree of autonomy. In this context, it is Marzband et al. [253] A management strategy for demand based on transactive
important to recognise that the existing legal and regulatory structure in energy was formulated as well as a modelling framework
the energy industry has limits. Adjusting this architecture to properly for profit allocation.
accommodate decentralised transaction models is essential. The first- Ringkjøb et al. [274] Presented several modelling tools for energy and electricity
systems with large shares of renewable sources.
ever P2P energy trading company was built on the Ethereum network
Lamparter et al. [226] They introduced a highly flexible market platform for
and accepted Bitcoin as payment for energy bills [286]. Incorporating coordinating self-interested energy agents representing
virtual currencies for payments is one of the most important applications participants.
of blockchain in the smart grid. This inspired other companies to Weitemeyer et al. They highlighted the necessity for efficient energy storage
develop cryptocurrency-based billing and metering systems, with a [275] systems on the integration of renewables into energy
systems from a meteorological perspective.
number of them offering incentives to consumers who pay with bitcoin Bortoni et al. [276] A technique for the operation of hydropower plants was
rather than fiat cash [287,288]. These blockchain-based tokens for en proposed with a single penstock by the optimal operation of
ergy sharing enable P2P electricity transactions by allowing users to the dispatched power among its available generating units.
spend energy tokens from their electronic wallets. It allows home pro (continued on next page)
sumers and consumers to exchange RE.
19
Table 9 (continued ) which involves balancing demand and supply of energy. However,
Source Major contribution validation and verification of records-related costs are high and involve
tremendous use of energy, as most energy pilots’ projects depend on
Wang and Su [216] They explored what promise the blockchain hold for the
energy future and concluded that blockchain is fuelling
PoW consensus. The development of energy projects based on block
renewable energy, and powering our energy sustainability. chain technology also faces scalability issues, as well as the problem of
Jin et al. [109] The authors modelled retail rates to facilitate distributed speed.
energy adoption in a microgrid and a comprehensive Uncertainties in behavioural change are another challenge facing
energy dispatch to connect end-user Demand Response
blockchain integration in RE sources, public adaptability, and accep
(DR) with the wholesale market.
Basak et al. [110] The surveyed the integration of decentralised energy tance, as well as skill development. Sensitisation of prosumers to in
operation of a microgrid system in a real power scenario. crease confidence in RE is key to the overall adoption of P2P energy
Mylrea [277] They combined two techniques to explore how blockchain trading platforms. Also, assuring consumers of the origins of RE may
technology could help enable more decentralised energy motivate them to patronise it, according to green marketing theory.
organisations to help simplify and improve supply chain
efficiency.
Therefore, transparency, certificates of origin, and immutability on
Vytelingum and Voice The study presented an agent-based micro-storage blockchain platforms can go a long way to boost consumer confidence.
[278] management technique that allows storage devices in the Policy and regulations dictate how blockchain in the RE sector
system to converge to profitable and effective performance. evolves. The P2P trading platforms face many challenges in trying to
Oprea et al. [279] Proposed two settlement mechanisms for P2P trading
balance the coordination of central controls with the main grid. Besides,
platforms to enhance the performance of the classic
Pairwise Settlement (PS). the complexities involved in decentralisation, as well as the general
Karandikar et al. The study presented a blockchain-based framework for RE manager of energy systems accelerate existing issues on the grid [17].
[280] transaction, storage management, and direct-to-consumer These issues require significant regulatory changes to address. However,
demand response. the regulatory nature of current electricity tariffs needs a flexible tariff
Górski and Bednarski They presented a Unified Modelling Language (UML) in
[281] form of a UML profile for smart contracts by illustrating the
based on smart contracts. This can help in integrating the energy mar
modelling approach using RE. kets with the central grid system to be a part of the general regulated
Toor et al. [282] They highlighted the efficacy of an energy-aware scheme system.
for Fog-IoT in terms of the Quality of Service (QoS) Integration of blockchain with existing technology is also a hin
components in the power saver mode as well as the
drance to its evolution as participants are used to exchanging platforms
conservative mode.
for energy trading, without any significant challenges. The migration of
these systems to blockchain-integrated platforms may not be economi
The Brooklyn Microgrid, a prominent demonstration, has shown the cally viable even if the platforms are compatible. Besides, these systems
technological feasibility of blockchains in microgrids [289]. The pro would take a significantly longer period to be replaced with blockchain-
ject’s initial pilot, which involved five prosumers and five customers, based platforms. Therefore, blockchain may supplement the present
represented the first-ever use of blockchain to record energy trans system, for now, to replace it in the longer term. Blockchain-based
actions. The platform was built using Ethereum-based smart contracts, platforms may also need to evolve for easy integration with different
allowing consumers to buy surplus renewable energy from prosumers technologies.
via a token-based transaction mechanism. The surplus energy absorbed
by prosumers through rooftop PV panels is converted into tokens by Conclusions and perspectives
smart meters installed in their homes, which may be utilised directly for
energy market trading. This platform keeps track of the mode of trans Blockchain technology is still in infancy, the potential to further
action in energy units or tokens, depending on the user’s preferences. develop and be integrated into many industries is enormous. However,
Details concerning each transaction, such as the persons involved, the the principles of software engineering as applied to blockchain-based
quantity of energy consumed/sold, and the relevant contract conditions, systems are not the centre of attention by most developers. Neverthe
are stored in the ledger in chronological sequence. Potential buyers and less, its implementations continue to increase. Blockchain technology
sellers can be selected by consumers in the BrooklynMicrogrid system’s provides a possible solution for the challenges facing RE development. It
upcoming expansions, as well as other rights like determining the per can go a long way to increase wider participation in the trade of energy
centage of energy share needed to buy from prosumers and the main by reducing costs and improving efficiency. The energy ecosystem is
grid. An in-depth analysis of the BrooklynMicrogrid was conducted positively impacted through optimisation of generation capacity, as the
based on seven components that are commonly used in microgrid energy role of prosumers is enhanced and strengthened. This will eventually
markets. By conducting a competitive bidding process, RE will be sold to enable and power the sharing economy. The blockchain-based solution
the highest bidder. Additionally, a mobile app is being used to make the to how microgrids and DER are managed is encouraging, even though it
platform more accessible to users. Efforts like these will transform the is still not developed enough for widespread deployment.
way people buy and sell energy in the near future [130]. The decarbonisation of energy platforms permits individuals to make
their informed decisions [291,292] as information is democratised.
Challenges Through blockchain, smart grids could reduce inequality as ordinary
people have the opportunity to produce and sell energy. Doing so allows
Blockchain technology has several limitations in its integration in the access to cheaper, as well as cleaner energy to those areas that need
RE industry, including public acceptance and adoption. Initial de energy. Blockchain technology could be the Holy Grail to the long-term
velopers face the challenge of deciding which consensus and system reduction of carbon emissions while promoting sustainability.
architecture are best fit for them. The prospects of blockchain are still However, it will require the sharing of information by participants
not clear and often, these developers may face the critical challenge for it to achieve its full potential, which is still a challenge for both
during the testing phase [290]. The energy trading platforms today are companies and private citizens. Blockchain will need everyone on
only capable of recording a series of energy transactions in conventional common ground to truly and properly function as a global device.
databases but are unable to provide a certain level of immutability [17]. Blockchain technology can accelerate grid decarbonisation decen
Also, the current distribution of electricity networks only enables the tralising, and digitising the energy sector is key to meeting ambitious
selling of energy at a Feed-in Tariff (FiT) but not directly to consumers. decarbonisation targets. Therefore, blockchain is an important tool in
The integration of blockchain technology in the RE sources significantly the realisation of the 100% renewable energy world. The integration of
influences the analysis of forecasting trends in energy consumption, blockchain technology could allow for greater distribution of local smart
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Sustainable Energy Technologies and Assessments 52 (2022) 102108

Contents lists available at ScienceDirect

Sustainable Energy Technologies and Assessments

Renewable energy sources from the perspective of blockchain integration:

Fig. 2. Methodological scope of the review.

As seen in Figs. 3 and 4, there has been a significant increase in RE

Every second of energy released by the sun is enough to power the

Wind energy is utilised to generate power by harnessing the kinetic

Hydropower is the power generated by the movement of water that is

Table 1 Distributed generation

These technologies augment the successful implementation of RE Policy barriers

Fig. 7. A direct comparison between the different types of blockchain [136].

• Transmission and distribution costs: The average cost of provided

Fig. 9. Proposed blockchain distribution network in the presence of RE systems [46].

Fig. 10. Advantages of deploying blockchain technology.

Fig. 11. Blockchain applications in the RE sector [173].

Blockchain-IoT players and use cases currently in existence

• Chain of Things (CoT) – It is a research lab and venture studio

Energy management Smart grid [162,188]

Fig. 16. Blockchain P2P network.

PONTON Gridchain and Enerchain. An application of blockchain for grid

means of verifying the existence of a given

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