A Survey of Blockchain Applications in the Energy Sector

Abstract

As our fossil fuel reserves are rapidly depleting, there has been an increased focus to explore the utility of renewable energy (e.g., solar energy and wind energy) in replacing fossil fuel. One resulting trend is the energy market gradually shifting toward a distributed market, where renewable energy can be traded, partly evidenced by the number of blockchain-based solutions designed for the (distributed) energy sector. The interest in blockchain is also due to blockchain's underpinning characteristics such as anonymity, decentralized, and transparency. Therefore, in this article, we perform a comprehensive review of how blockchain technology has been, and can be, deployed in energy applications, ranging from energy management to peer-to-peer trading to electric vehicle-related applications to carbon emissions trading, and others. We also study the existing architectures and solutions, and existing and emerging security and privacy challenges, as well as exploring other potential applications of blockchain in the energy sector.