Blockchain-based Peer-to-Peer Transactions in Energy Systems

by Nnamdi Nwulu (Author), Uyikumhe Damisa (Author) 

Blockchain is a nascent technology with the potential to disrupt the operational and business models of many industries. The enormous successes recorded by solutions underpinned by blockchain have attracted much attention to it. Beginning from the emergence of Bitcoin in the financial sector, blockchain has continued to impact other industries. It finds application in healthcare, supply chain, energy among other sectors. The technology has emerged as a viable technology for enabling decentralized peer-to-peer transactions. With the high adoption of renewable energy sources, the modern power system has become decentralized thereby paving the way for the integration of blockchain-based solutions. In the energy industry, blockchain can be employed to facilitate decentralised peer-to-peer energy transactions between power grid entities, energy storage sharing among others.

Key features:

• Walks the reader through the basics of blockchain and smart contract development in an easily comprehensible manner suitable for beginners in the field.

• Further simplifies smart contract development for specific energy-related use-cases

• Simplifies the specific use-cases explored, such that the reader is able to adapt the solutions to other similar applications beyond the energy industry.

• Presents recent advances in blockchain technology and the state-of-the-art in blockchain-related research in the energy industry, which would be useful to researchers in the field.

• Contains useful information for relevant regulatory bodies including the reported barriers to blockchain adoption and policy & regulatory frameworks for improved adoption.