Blockchain Integration and Its Impact on Renewable Energy

Blockchain Integration and Its Impact on Renewable Energy

22 April 2024 | Hamed Taherdoost
Blockchain technology is increasingly being integrated into renewable energy systems to enhance efficiency, security, and transparency. This review analyzes 33 research papers published between 2018 and 2024, highlighting the application of blockchain in decentralized power dispatching, renewable energy trading, investment platforms, and grid management. The study shows that blockchain can reduce costs, improve renewable energy utilization, and optimize energy management. However, challenges such as scalability, energy consumption, privacy concerns, and regulatory compliance remain. The integration of blockchain in renewable energy systems requires collaboration among industry stakeholders, regulators, and technology developers to overcome these challenges and realize the full potential of blockchain in the energy sector. Key findings include the use of smart contracts, consensus mechanisms, and decentralized governance models to enhance energy trading and management. Blockchain also enables peer-to-peer energy trading, decentralized energy systems, and secure energy certification. Despite its benefits, blockchain faces obstacles such as high energy consumption, technical complexity, and resistance to change. Future research should focus on improving scalability, enhancing security, and developing interoperability standards to support the widespread adoption of blockchain in renewable energy. The study underscores the importance of policy frameworks, regulatory compliance, and public awareness in facilitating the successful integration of blockchain technology into the renewable energy sector.Blockchain technology is increasingly being integrated into renewable energy systems to enhance efficiency, security, and transparency. This review analyzes 33 research papers published between 2018 and 2024, highlighting the application of blockchain in decentralized power dispatching, renewable energy trading, investment platforms, and grid management. The study shows that blockchain can reduce costs, improve renewable energy utilization, and optimize energy management. However, challenges such as scalability, energy consumption, privacy concerns, and regulatory compliance remain. The integration of blockchain in renewable energy systems requires collaboration among industry stakeholders, regulators, and technology developers to overcome these challenges and realize the full potential of blockchain in the energy sector. Key findings include the use of smart contracts, consensus mechanisms, and decentralized governance models to enhance energy trading and management. Blockchain also enables peer-to-peer energy trading, decentralized energy systems, and secure energy certification. Despite its benefits, blockchain faces obstacles such as high energy consumption, technical complexity, and resistance to change. Future research should focus on improving scalability, enhancing security, and developing interoperability standards to support the widespread adoption of blockchain in renewable energy. The study underscores the importance of policy frameworks, regulatory compliance, and public awareness in facilitating the successful integration of blockchain technology into the renewable energy sector.
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[slides and audio] Blockchain Integration and Its Impact on Renewable Energy