Peer-reviewed articles 17,970 +


Title: ANALYSIS OF POTENTIAL APPLICATION OF BLOCKCHAIN TECHNOLOGY IN RENEWABLE ENERGY SECTOR
ANALYSIS OF POTENTIAL APPLICATION OF BLOCKCHAIN TECHNOLOGY IN RENEWABLE ENERGY SECTOR

PlumX Article Metrics by Elsevier
Gunita Mazure; Anete Kalnina
10.5593/sgem2022/5.1/s21.066
10.5593/sgem2022/5.1
1314-2704
978-619-7603-46-0
English
22
5.1
•    Prof. DSc. Oleksandr Trofymchuk, UKRAINE 
•    Prof. Dr. hab. oec. Baiba Rivza, LATVIA
Environmental Economics
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.
[1] Directive (EU) 2018/2001 of the European Parliament and of the Council of 11 December 2018 on the promotion of the use of energy from renewable sources, Official Journal of the European Union, 2018, [accessed 06.06.2022.], accessible: https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32018L2001&from=EN
[2] Communication from the Commission to the European Parliament, The European Council, The Council, The European Economic and Social Committee and The Committee of the Regions. The European Green Deal, Official Journal of the EU, 2019, [accessed 06.06.2022.], https://ec.europa.eu/info/sites/default/files/european-green-dealcommunication_en.pdf
[3] Communication from the Commission to the European Parliament, The European Council, The Council, The European Economic and Social Committee and The Committee of the Regions. Stepping up Europe's 2030 climate ambition. Investing in a climate-neutral future for the benefit of our people, Official Journal of the European Union, 2020, [accessed 06.06.2022.], https://eur-lex.europa.eu/legalcontent/EN/TXT/PDF/?uri=CELEX:52020DC0562&from=EN
[4] Communication from the Commission to the European Parliament, The European Council, The Council, The European Economic and Social Committee and The Committee of the Regions. REPowerEU Plan, Official Journal of the European Union, 2020, [accessed 06.06.2022.], accessible: https://eurlex.europa.eu/resource.html?uri=cellar:fc930f14-d7ae-11ec-a95f- 01aa75ed71a1.0001.02/DOC_1&format=PDF
[5] M. Andoni et al., “Blockchain technology in the energy sector: A systematic review of challenges and opportunities,” Renew. Sustain. Energy Rev., vol. 100, pp. 143–174, 2019, doi: 10.1016/j.rser.2018.10.014.
[6] EUROSTAT, Energy from renewable sources, SHARES tool data, 2021, [accessed 06.06.2022.], accessible: https://ec.europa.eu/eurostat/web/energy/data/shares
[7] Cabinet of Ministers of Latvia, Latvia's National Energy and Climate Plan 2021- 2030, 2020, [accessed 06.06.2022.],: https://ec.europa.eu/energy/sites/ener/files/documents/lv_final_necp_main_en.pdf
[8] Y. Baashar, G. Alkawsi, A. A. Alkahtani, W. Hashim, R. A. Razali, and S. K. Tiong, “Toward blockchain technology in the energy environment,” Sustain., vol. 13, no. 16, pp. 1–20, 2021, doi: 10.3390/su13169008.
[9] S. Gawusu et al., “Renewable energy sources from the perspective of blockchain integration: From theory to application,” Sustain. Energy Technol. Assessments, vol. 52, no. PB, p. 102108, 2022, doi: 10.1016/j.seta.2022.102108.
[10] Q. Wang and M. Su, “Integrating blockchain technology into the energy sector - From theory of blockchain to research and application of energy blockchain,” Comput. Sci. Rev., vol. 37, p. 100275, 2020, doi: 10.1016/j.cosrev.2020.100275.
[11] M. Choobineh, A. Arab, A. Khodaei, and A. Paaso, “Energy innovations through blockchain: Challenges, opportunities, and the road ahead,” Electr. J., vol. 35, no. 1, p. 107059, 2022, doi: 10.1016/j.tej.2021.107059.
[12] S. Alam et al., “Blockchain-based Initiatives: Current state and challenges,” Comput. Networks, vol. 198, no. December 2020, p. 108395, 2021, doi: 10.1016/j.comnet.2021.108395.
[13] G. Dorfleitner, F. Muck, and I. Scheckenbach, “Blockchain applications for climate protection: A global empirical investigation,” Renew. Sustain. Energy Rev., vol. 149, no. June 2020, p. 111378, 2021, doi: 10.1016/j.rser.2021.111378.
[14] Eurelectric. Eurelectric launches expert discussion platform on blockchain, [accessed 06.06.2022.], accessible: http://www.eurelectric.org/news/2017/eurelectriclaunches-expert-discussionplatform-on-blockchain/
[15] European Commission, European Blockchain Strategy - Brochure, 2021, [accessed 06.06.2022.], accessible: https://digital-strategy.ec.europa.eu/en/library/europeanblockchain-strategy-brochure
conference
https://doi.org/10.5593/sgem2022/5.1/s21.066
Download PDF
Proceedings of 22nd International Multidisciplinary Scientific GeoConference SGEM 2022
22nd International Multidisciplinary Scientific GeoConference SGEM 2022, 04 - 10 July, 2022
Proceedings Paper
STEF92 Technology
International Multidisciplinary Scientific GeoConference SGEM
SWS Scholarly Society; Acad Sci Czech Republ; Latvian Acad Sci; Polish Acad Sci; Serbian Acad Sci and Arts; Natl Acad Sci Ukraine; Natl Acad Sci Armenia; Sci Council Japan; European Acad Sci, Arts and Letters; Acad Fine Arts Zagreb Croatia; Croatian Acad Sci and Arts; Acad Sci Moldova; Montenegrin Acad Sci and Arts; Georgian Acad Sci; Acad Fine Arts and Design Bratislava; Turkish Acad Sci.
523-532
04 - 10 July, 2022
website
8730
blockchain; renewable energy; sustainability; distributed ledger technology; SWOT analysis.