Blockchain Technology in the Energy Ecosystem
An explorative study on the disruptive power of blockchain technology in the Dutch energy Ecosystem
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Abstract
Today’s energy system has originally been developed based on central energy production and a passive consumer, whose interests have to be represented by the energy suppliers and distribution system operators. However, the industry is quickly changing. The share of renewable energy is growing, and consumers are increasingly involved in the production of energy. As a result, the share of intermittent energy sources increases and so does the need for flexibility in the energy industry. Therefore, it is questioned whether the current system in the energy industry still fits with today’s developments.
To allow for flexible demand and supply of energy, digital technology for communication between computers or devices and electricity providers and consumers will become necessary. This will help to balance production and consumption at each time resolution, without high costs and unnecessary bothering of consumers. Blockchain is a technology that could potentially serve as a solution for a new energy industry system. Blockchain enables direct and reliable transactions of assets, between every party willing to do so, without the need for an intermediary or central party in control...