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A systematic review of blockchain for energy applications

Oluwapelumi Oluwaseun Egunjobi, Álvaro Gomes, Christian Nnaemeka Egwim, Hugo Gabriel Valente Morais

e-Prime - Advances in Electrical Engineering Electronics and Energy, 2024

26 citations

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…

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