e-Prime: Advances in Electrical Engineering, Electronics and Energy (Sep 2024)
A systematic review of blockchain for energy applications
Abstract
The increasing penetration of distributed energy resources and the growing electrification of end-use consumption complicate energy management. Current strategies, which rely on centralized systems for peer-to-peer interactions, face issues of scalability, security, traceability, single points of failure, and privacy. Blockchain, with its decentralized nature, offers immutability, transparency, automation, and scalability as potential solutions. However, practical implementation remains challenging. This study systematically reviews 156 studies published since 2021 using the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) methodology to explore these limitations. Results highlight that selecting the appropriate blockchain platform and consensus mechanism is crucial. Observations show that 42% of studies proposing new consensus methods and 46% developing new platforms or using simulations struggle with practical implementation. In contrast, leveraging existing standard blockchain platforms and consensus mechanisms enhances practicality and scalability. Additionally, seamless interoperability with Internet of Things (IoT) remains a significant challenge due to the high costs associated with the few platforms that offer this feature. Standardization of blockchain methodology, interoperability, performance measurement, and governance remains a major issue despite several parallel efforts by multiple stakeholders, including blockchain platform providers. Consolidation of these efforts into a common framework, together with the utilization of existing blockchain components, is key to resolving current limitations and fostering wider adoption. Among the various blockchain components suited for different applications, this study provides key criteria for selection, guiding the development of practical and scalable blockchain-based energy applications.
