Distributed Ledger Technology in Energy Services: The InEExS Project Objectives and Approach

Papapostolou, Aikaterini; Andreoulaki, Ioanna; Divolis, Sokratis; Anagnostopoulos, Filippos; Marinakis, Vangelis

doi:10.1109/iisa59645.2023.10345884

Cited by 1 publication

(5 citation statements)

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“…For instance, their implementation could facilitate the integration of prosumers or small-scale producers in the market. It could also support the effective management of complex energy systems with distributed energy production units [7]. Thus, the EU Commission has already examined the possible implementation of blockchain technology in the energy field [98,100].…”

Section: Pestle Analysismentioning

confidence: 99%

“…So far, energy blockchain applications have been tested through simulations or smallscale projects. Not enough practical tests have been conducted, and, as a result, the behaviour of the external physical system cannot be predicted [7]. The risk of blockchain implementation in existing infrastructure is considered high since distribution and transmission facilities are very important, and the energy supply should not be jeopardised; therefore, whether it is acceptable to risk the functions of the existing system is debatable.…”

Section: Pestle Analysismentioning

confidence: 99%

“…Through the aggregation of individual judgements, the elements of the aggregated judgement matrix are calculated. The aggregated judgement matrix (see Equation (7)) is derived from the elements of the matrixes of each decision maker (see Equation ( 1)). In Equation (7), λ represents the weights assigned to each decision maker [130].…”

Section: Analytical Hierarchy Processmentioning

confidence: 99%

“…The aggregated judgement matrix (see Equation (7)) is derived from the elements of the matrixes of each decision maker (see Equation ( 1)). In Equation (7), λ represents the weights assigned to each decision maker [130].…”

Section: Analytical Hierarchy Processmentioning

confidence: 99%

“…To ensure an optimal transition towards a more sustainable energy field, it is of vital importance to explore the digitilisation of energy services through the incorporation of innovative technologies and tools [3,5,6]. Examples of such technologies include Artificial Intelligence, Machine Learning and blockchain technology [7]. More specifically, the blockchain was initially introduced by Nakamoto in 2008 [8].…”

Section: Introductionmentioning

confidence: 99%

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Evaluating the Barriers to Blockchain Adoption in the Energy Sector: A Multicriteria Approach Using the Analytical Hierarchy Process for Group Decision Making

Andreoulaki,

Papapostolou,

Marinakis

2024

Energies

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The blockchain has been proposed for use in various applications in the energy field. Although the blockchain has technical strengths, several obstacles affect the application of the technology in energy services. The scope of this study is to highlight and prioritise the most important barriers to such applications. The first step in this direction is specifying the potential areas of the implementation of blockchain technology in the energy sector. Two useful tools for market analysis were used: Political, Economic, Social, Technological, Legal and Environmental, PESTLE Analysis, and Strengths, Weaknesses, Opportunities and Threats, SWOT Analysis, which examine external and internal factors, respectively. Thus, a list of the most important elements hindering the incorporation of the blockchain in the energy sector was extracted. The detected barriers were classified and ranked by energy and IT experts using the multicriteria method, “Analytical Hierarchy Process for Group Decision Making”. The results reveal that legal barriers relating to the complexities of deficiencies of regulations are the most significant, while technological barriers, especially those related to security issues, are also important. Sociopolitical barriers related mainly to lack of trust in blockchain, as well as economic concerns such as high upfront costs, are less influential but should still be considered. The conclusions of the conducted research have the potential to guide market actors in their endeavours to modernise energy systems through the use of the blockchain, assisting them in designing the most appropriate market strategies.

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Section: Pestle Analysismentioning

confidence: 99%

Section: Pestle Analysismentioning

confidence: 99%