Scholarly record
ANALYSIS OF POTENTIAL APPLICATION OF BLOCKCHAIN TECHNOLOGY IN RENEWABLE ENERGY SECTOR
Abstract
The need for secure and reliable applications will increase due to the growing necessity for sustainably and independently produced energy. For example, the amount of energy generated by individuals at their homes will probably grow fast in the near future so requiring for easy-to-use and precise solutions. To transform and facilitate the processes related to energy sector it is possible to use blockchain technology. The aim of this paper is to evaluate and analyse different areas of blockchain application in the renewable energy sector. Using content, SWOT and PESTLE analysis, the results show that the main strengths and opportunities are confidentiality, immutability of recordings and potential involvement of each individual, while weaknesses and threats - scalability, compatibility and legal framework. Latvia is already using more (42.1%) renewable energy than in the European Union on average (22.1%) but in order to meet the binding targets for the Member States by 2030, the blockchain technology could promote development in this sector. The results of the study improves the scientific opinion on blockchain technology in sustainable energy field by identifying potential implementation benefits and challenges; thus, gathering the knowledge for easier moving towards real-life implementations and also highlighting the areas with the need for specific further research.
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References14
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