Revolutionizing Electric Utilities: The Transformative Potential of Blockchain Technology
DOI:
https://doi.org/10.32628/CSEIT241051030Keywords:
Blockchain, Electric Utilities, Renewable Energy Integration, Grid Management, Energy SecurityAbstract
This article explores the transformative potential of blockchain technology in the electric utility industry, a sector valued at $2.4 trillion globally. It examines how blockchain addresses critical challenges in grid management, renewable energy integration, customer engagement, and security. The study highlights blockchain's ability to enhance operational efficiency, facilitate peer-to-peer energy trading, improve customer satisfaction, and reduce fraud. Key benefits include potential grid efficiency improvements of up to 30%, increased local renewable energy consumption by 35-40%, and significant reductions in billing errors and customer complaints. Despite challenges such as high infrastructure costs, regulatory hurdles, and scalability concerns, the blockchain in energy market is projected to reach $34.7 billion by 2029, with experts predicting it will play a crucial role in shaping the future of utilities. The article provides a comprehensive overview of blockchain's applications, benefits, and challenges in the utility sector, supported by industry data and expert predictions.
Downloads
References
Bloomberg NEF, "Energy Transition Investment Trends 2023," BloombergNEF, Jan. 2023. [Online]. Available: https://about.bnef.com/energy-transition-investment/
MarketsandMarkets, "Blockchain in Energy Market by Type (Private, Public), Component (Platform, Services), End-user (Power, Oil & Gas), Application (Energy Trading, Grid Management, Payment Schemes, Supply Chain Management), and Region - Global Forecast to 2023," MarketsandMarkets, 2024. [Online]. Available: https://www.marketsandmarkets.com/Market-Reports/blockchain-energy-market-186846353.html
International Energy Agency, "World Energy Outlook 2023," IEA, Paris, Nov. 2023. [Online]. Available: https://www.iea.org/reports/world-energy-outlook-2023
International Renewable Energy Agency, "Renewable Energy Statistics 2023," IRENA, Abu Dhabi, 2023. [Online]. Available: https://www.irena.org/Publications/2023/Jul/Renewable-energy-statistics-2023
World Economic Forum, "Building Block(chain)s for a Better Planet," WEF, Geneva, Sep. 2018. [Online]. Available: https://www3.weforum.org/docs/WEF_Building-Blockchains.pdf
World Economic Forum, "Digital Transformation of Industries: Electricity," World Economic Forum, Geneva, Switzerland, Jan. 2016. [Online]. Available: https://reports.weforum.org/digital-transformation/wp-content/blogs.dir/94/mp/files/pages/files/wef-digital-transformation-of-industries-electricity-industry-white-paper.pdf
World Energy Council, "The Developing Role of Blockchain," World Energy Council, London, UK, 2022. [Online]. Available: https://www.worldenergy.org/assets/downloads/Full-White-paper_the-developing-role-of-blockchain.pdf
World Economic Forum, "Building Value with Blockchain Technology: How to Evaluate Blockchain's Benefits," World Economic Forum, Geneva, Switzerland, 2023. [Online]. Available: https://www3.weforum.org/docs/WEF_Building_Value_with_Blockchain.pdf
International Renewable Energy Agency (IRENA), "Blockchain: Innovation Landscape Brief," IRENA, Abu Dhabi, 2023. [Online]. Available: https://www.irena.org/-/media/Files/IRENA/Agency/Publication/2019/Feb/IRENA_Landscape_Blockchain_2019.pdf
Downloads
Published
Issue
Section
License
Copyright (c) 2024 International Journal of Scientific Research in Computer Science, Engineering and Information Technology
This work is licensed under a Creative Commons Attribution 4.0 International License.
How to Cite
