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Toward Blockchain Technology in the Energy Environment

Author

Listed:
  • Yahia Baashar

    (Institute of Sustainable Energy (ISE), Universiti Tenaga Nasional, Kajang 43000, Selangor, Malaysia)

  • Gamal Alkawsi

    (Institute of Sustainable Energy (ISE), Universiti Tenaga Nasional, Kajang 43000, Selangor, Malaysia)

  • Ammar Ahmed Alkahtani

    (Institute of Sustainable Energy (ISE), Universiti Tenaga Nasional, Kajang 43000, Selangor, Malaysia)

  • Wahidah Hashim

    (College of Computing and Informatics, Universiti Tenaga Nasional, Kajang 43000, Selangor, Malaysia)

  • Rina Azlin Razali

    (College of Computing and Informatics, Universiti Tenaga Nasional, Kajang 43000, Selangor, Malaysia)

  • Sieh Kiong Tiong

    (Institute of Sustainable Energy (ISE), Universiti Tenaga Nasional, Kajang 43000, Selangor, Malaysia)

Abstract

Energy management and exchange have increasingly shifted from concentrated to hierarchical modes. Numerous issues have arisen in the decentralized energy sector, including the storage of customer data and the need to ensure data integrity, fairness, and accountability in the transaction phase. The problem is that in the field of the innovative technology of blockchain and its applications, with the energy sector still in the developmental stages, there is still a need for more research to understand the full capacity of the technology in the field. The main aim of this work was to investigate the state of the current research of blockchain technologies as well as their application within the field of energy. This work also set out to identify certain research gaps and provide a set of recommendations for future directions. Among these research gaps is the application of blockchain in decentralized storage, the integration of blockchain with artificial intelligence, and security and privacy concerns, which have not received much attention despite their importance. An analysis of fifty-seven carefully reviewed studies revealed that the emerging blockchain which provides privacy-protection technologies in cryptography and other areas that can be integrated to address users’ privacy concerns is another aspect that needs further investigation. Grid operations, economies, and customers will all learn from blockchain technology as it provides disintermediation, confidentiality, and tamper-proof transfers. Moreover, it provides innovative ways for customers and small solar generators to participate more actively in the electricity sector and to benefit from their properties. Blockchains are a rapidly evolving field of research and growth. A study of this emerging technology is necessary to increase comprehension, to educate the body of expertise on blockchains, and to realize its potential. This study recommends that future work investigates the potential application of blockchain in the energy sector as well as the challenges that face its implementation from the perspective of policy makers. This future approach will enable researchers to direct their focus to the case studies approach, which will facilitate and ease the application of blockchain technology.

Suggested Citation

  • Yahia Baashar & Gamal Alkawsi & Ammar Ahmed Alkahtani & Wahidah Hashim & Rina Azlin Razali & Sieh Kiong Tiong, 2021. "Toward Blockchain Technology in the Energy Environment," Sustainability, MDPI, vol. 13(16), pages 1-20, August.
    • Handle: RePEc:gam:jsusta:v:13:y:2021:i:16:p:9008-:d:612857
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    References listed on IDEAS

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    Cited by:

    1. Aleksandra Kuzior & Mariya Sira & Paulina Brozek, 2022. "Using Blockchain and Artificial Intelligence in Energy Management as a Tool to Achieve Energy Efficiency," Virtual Economics, The London Academy of Science and Business, vol. 5(3), pages 69-90, November.
    2. Siti Rosilah Arsad & Muhamad Haziq Hasnul Hadi & Nayli Aliah Mohd Afandi & Pin Jern Ker & Shirley Gee Hoon Tang & Madihah Mohd Afzal & Santhi Ramanathan & Chai Phing Chen & Prajindra Sankar Krishnan &, 2023. "The Impact of COVID-19 on the Energy Sector and the Role of AI: An Analytical Review on Pre- to Post-Pandemic Perspectives," Energies, MDPI, vol. 16(18), pages 1-31, September.
    3. Ren, Yi-Shuai & Ma, Chao-Qun & Chen, Xun-Qi & Lei, Yu-Tian & Wang, Yi-Ran, 2023. "Sustainable finance and blockchain: A systematic review and research agenda," Research in International Business and Finance, Elsevier, vol. 64(C).
    4. Alessandra Chiarini & Lorenzo Compagnucci, 2022. "Blockchain, Data Protection and P2P Energy Trading: A Review on Legal and Economic Challenges," Sustainability, MDPI, vol. 14(23), pages 1-20, December.
    5. Tanus Bikram Malla & Abhinav Bhattarai & Amrit Parajuli & Ashish Shrestha & Bhupendra Bimal Chhetri & Kamal Chapagain, 2022. "Status, Challenges and Future Directions of Blockchain Technology in Power System: A State of Art Review," Energies, MDPI, vol. 15(22), pages 1-26, November.

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