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A Blockchain Application in Energy

Author

Listed:
  • Hukkinen, Taneli
  • Mattila, Juri
  • Ilomäki, Juuso
  • Seppälä, Timo

Abstract

This report documents a blockchain application developed for the energy sector that enables distributed market coordination for decentralized energy systems. As its core element, it utilizes Ethereum-based smart contracts to facilitate market matching between individual producers and consumers of electricity. The motive for this application was to understand the process of developing blockchain applications with industrial partners. Moreover, the purpose of this exercise was to examine whether Ethereum-based smart contracts could be effectively utilized for similar applications in industry and society at large. The application and the discussions during its development indicate that similar horizontal market structures may spring up in value chains in which the dynamicity of the market is growing and in which the roles of the market actors are shifting from fixed roles towards switch-role markets.

Suggested Citation

  • Hukkinen, Taneli & Mattila, Juri & Ilomäki, Juuso & Seppälä, Timo, 2017. "A Blockchain Application in Energy," ETLA Reports 71, The Research Institute of the Finnish Economy.
    • Handle: RePEc:rif:report:71
    as

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    File URL: http://www.etla.fi/wp-content/uploads/ETLA-Raportit-Reports-71.pdf
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    References listed on IDEAS

    as
    1. Patrik Aspers, 2007. "Theory, Reality, and Performativity in Markets," American Journal of Economics and Sociology, Wiley Blackwell, vol. 66(2), pages 379-398, April.
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    Cited by:

    1. Kotiranta, Annu & Seppälä, Timo & Tahvanainen, Antti-Jussi & Hemminki, Markus & Mattila, Juri & Sadeoja, Samuli & Tähtinen, Tea, 2017. "Roadmap for Renewal: A Shared Platform in the Food Industry," ETLA Reports 74, The Research Institute of the Finnish Economy.
    2. Hukkinen, Taneli & Mattila, Juri & Seppälä, Timo, 2017. "Distributed Workflow Management with Smart Contracts," ETLA Reports 78, The Research Institute of the Finnish Economy.
    3. Peter O’Donovan & Dominic T. J. O’Sullivan, 2019. "A Systematic Analysis of Real-World Energy Blockchain Initiatives," Future Internet, MDPI, vol. 11(8), pages 1-14, August.
    4. Mattila, Juri, . "Blockchain Systems as Multi-sided Platforms," ETLA A, The Research Institute of the Finnish Economy, number 51.

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    More about this item

    Keywords

    Blockchain; Application; Distributed marketplace; Energy industry; Ethereum; Smart contract;
    All these keywords.

    JEL classification:

    • L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
    • L17 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Open Source Products and Markets
    • L52 - Industrial Organization - - Regulation and Industrial Policy - - - Industrial Policy; Sectoral Planning Methods
    • L73 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Forest Products
    • L94 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Electric Utilities

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