Blockchain Technology Impact on the Energy Market Model
Rapid development of distributed energy resources technologies, along with network constraints, plus few consumer-oriented business models, has led to a search for radically different power system configurations. This is the basis for exploring an energy market model which meets the requirements of the changing environment. This model could be referred to as a transactive energy model whose main focus is on trading energy by a peer-to-peer principle, where the power company is replaced with a fully trusted trading platform based on distributed ledger technologies, i.e. blockchain technology. The aim of this paper is to analyze energy sector solutions related to the use of blockchain technology. The emergence of these solutions indicates, on the one hand, the need for verification of the existing energy market model and, on the other hand, the need to modify the approach towards the changing environment. Blockchain technology not only means the use of cryptographic mechanisms to build trustworthy agreements without intermediary institutions between the unfamiliar users of transactions: it is also a new philosophy of life based on trust. (original abstract)
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