Energy Prosumer Business Model Using Blockchain System to Ensure Transparency and Safety

Hwang, Jihyun; Choi, Myeong-in; Lee, Tacklim; Jeon, Seonki; Kim, Seunghwan; Park, Sounghoan; Park, Sehyun

doi:10.1016/j.egypro.2017.11.037

Cited by 114 publications

(78 citation statements)

References 2 publications

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“…The most obvious benefit of real-world energy blockchains is the democratisation of energy transactions, whereby blockchain technology may be used to remove intermediaries from the energy value chain and enable communities to execute transactions independently. These independent two-way markets should provide market participants (e.g., customers) with sufficient transaction transparency, security and reliability, which can be satisfied using the blockchain's immutable and decentralised architecture [10,12,14,15]. Additionally, energy blockchains can reduce transaction costs and settlement times [10], substitute intermediaries with consensus models [10], and increase profitability and minimise costs for participants using sophisticated market intelligence (e.g., machine learning) [12].…”

Section: Potential Benefitsmentioning

confidence: 99%

A Systematic Analysis of Real-World Energy Blockchain Initiatives

O’Donovan

O’Sullivan

2019

Future Internet

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The application of blockchain technology to the energy sector promises to derive new operating models focused on local generation and sustainable practices, which are driven by peer-to-peer collaboration and community engagement. However, real-world energy blockchains differ from typical blockchain networks insofar as they must interoperate with grid infrastructure, adhere to energy regulations, and embody engineering principles. Naturally, these additional dimensions make real-world energy blockchains highly dependent on the participation of grid operators, engineers, and energy providers. Although much theoretical and proof-of-concept research has been published on energy blockchains, this research aims to establish a lens on real-world projects and implementations that may inform the alignment of academic and industry research agendas. This research classifies 131 real-world energy blockchain initiatives to develop an understanding of how blockchains are being applied to the energy domain, what type of failure rates can be observed from recently reported initiatives, and what level of technical and theoretical details are reported for real-world deployments. The results presented from the systematic analysis highlight that real-world energy blockchains are (a) growing exponentially year-on-year, (b) producing relatively low failure/drop-off rates (~7% since 2015), and (c) demonstrating information sharing protocols that produce content with insufficient technical and theoretical depth.

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Section: Potential Benefitsmentioning

confidence: 99%

A Systematic Analysis of Real-World Energy Blockchain Initiatives

O’Donovan

O’Sullivan

2019

Future Internet

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“…Given that the main advantages and offerings of blockchain technology are the in-creased security and privacy offerings that it offers its users in relation to conventional transaction mechanisms. We believed it better to focus on items involving overall transaction risk of blockchain (BRI) as well as the risk of blockchain as a business model and system of daily use (BCPRB) (Hwang et al, 2017) This is due to the premise that blockchain technology suffers from a lack of recourse in the case of fraudulent transactions or stolen account. Furthermore, the current issues plaguing blockchain relate heavily to government regulation and efficiency concerns regarding power consumption which jeopardize its standing as a long-term sustainable system.…”

Section: Riskmentioning

confidence: 99%

Review of Blockchain Literature – Its Application and Acceptance

Saadé¹,

Jaoude²,

Sharma³

2019

InSITE Conference

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Aim/Purpose: To understand the current state of the body of literature in blockchain technology and propose dimensions for acceptance. Background: Blockchain technology has large promise to replace centralized and even distributed database systems. Its premise focuses on issues such as transparency, immutability, and privacy of transactions. Created for bitcoin, researchers and practitioners have begun to see its potential in different areas and industries. Its acceptance is still debatable as there are a number of issues still to be resolved. Methodology: We conducted a literature review to assess the size and scope of the body of research in the are of blockchain applications and carried a conceptual analysis for blockchain acceptance. Contribution: We provide an assessment of the body of literature in the are of blockchain and cluster the number of articles according to application groupings. We show that research in blockchain cannot be considered that it even started due to its diverse, scattered and weak related studies. At the same time, blockchain is still faced with a lot of resistance yet no one is studying its acceptance. We therefore propose dimension for its acceptance, as adapted from the very rich area of ecommerce research. Findings: Body of research is at its infancy. Research is scattered and weak. Most research is related to bitcoin and cryptocurrency. There is a great need to study the application of blockchain outside its current focus on cryptocurrency. Areas of study of blockchain applications include internet of things, energy and finance – other areas are identified. Dimensions for blockchain acceptance are proposed and include: reputation, risk, usefulness, and intentions. Recommendations for Practitioners: Blockchain has great potential to be applied in areas such as medicine, aviation and disaster relief. In terms of blockchain characteristics, practitioners have a lot of room to innovate in various approaches such as the blockchain hashing algorithm, smart contracts and peer validation. These do not need to be fixed but can vary based on the business characteristics. Recommendations for Researchers: Research in the application of blockchain can be considered as not even started. The application of blockchain is an open playground which today few have stepped in to enjoy. Research opportunities include but are not limited to energy consumption of blockchain transactions, dimensions to blockchain adoption and acceptance, adaptability of blockchain to various industries, and innovation in blockchain characteristics such as new approaches to peer validation of transactions.

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“…"Blockchain is here to take on and be the next network for cities." Article [24] discusses a model for service the prosumers using blockchain technology, which allows connecting different sources of energy to different users and manufacturers. Analysing the energy picture of users, the authors argue that this technology leads to increased energy efficiency.…”

Section: Platformizationmentioning

confidence: 99%

Smart City Through a Flexible Approach to Smart Energy

Mutule

Teremranova

Antoskovs

2018

Latvian Journal of Physics and Technical Sciences

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The paper provides an overview of the development trends of the smart city. Over the past decades, the trend of the new urban model called smart city has been gaining momentum, which is an aggregate of the latest technologies, intelligent administration and conscious citizens, which allows the city to actively develop, and effectively and efficiently solve the problems it is facing. Profound changes are also taking place in the energy sector. Researchers and other specialists offer a wide variety of innovative solutions and approaches for the concepts of intelligent cities. The paper reviews and analyses the existing methodological solutions in the field of power industry, as well as provides recommendations how to introduce the common platform on the basis of disparate sources of information on energy resources existing in the city as an optimal solution for developing the city's intelligence, flexibility and sustainability based on its starting conditions.

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Energy Prosumer Business Model Using Blockchain System to Ensure Transparency and Safety

Cited by 114 publications

References 2 publications

A Systematic Analysis of Real-World Energy Blockchain Initiatives

A Systematic Analysis of Real-World Energy Blockchain Initiatives

Review of Blockchain Literature – Its Application and Acceptance

Smart City Through a Flexible Approach to Smart Energy

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