Breaking the Stagnant Spell: How Blockchain is Disrupting the Solar Energy Industry

19 Pages Posted: 26 Jul 2018

See all articles by Adrienne Adjeleian

Adrienne Adjeleian

York University - Schulich School of Business

Oana Jurjica

York University - Schulich School of Business

Henry M. Kim

York University - Schulich School of Business

Date Written: July 3, 2018

Abstract

Purpose: The energy sector has experienced insignificant growth over the past few decades, despite the global shift towards renewable resources. As Blockchain technology and the IoT begin to disrupt multiple industries, utilities and individuals are both presented with the opportunity to capitalize on the fastest-growing energy source. Therefore, the purpose of this paper is to investigate the current pain points facing the solar power sector and discuss existing blockchain-based solutions to mitigate said issues.

Approach: Online research and Internet-based resources were used to explore the potential use cases of blockchain to initiate the permanent shift of the energy industry towards renewable resources.

Findings: The findings identified several blockchain-based applications such as smart metering, peer-to-peer trading, EV charging, renewable cryptocurrencies, wholesale trading and settlements, energy access, blockchain labs, and various decentralized energy applications. Results demonstrate the high potential for utility companies to benefit from this technology while also considering limitations of the applications.

Discussion: It is likely to be over a decade before any significant progress is made in the renewable energy sector, which can be mainly attributed to the high cost of energy storage and the inability to conduct large-scale research-backed pilots.

Value: There are several publications on blockchain and energy which focus on specific applications within the industry. This paper provides value through its comprehensive list of existing pain points in energy production, storage, and distribution, while also exploring the most prominent use-cases currently aiming to tackle these issues.

Keywords: Blockchain, Renewable Energy, IoT, Disrupt, Solar Grid, PV

Suggested Citation

Adjeleian, Adrienne and Jurjica, Oana and Kim, Henry M., Breaking the Stagnant Spell: How Blockchain is Disrupting the Solar Energy Industry (July 3, 2018). Available at SSRN: https://ssrn.com/abstract=3207104 or http://dx.doi.org/10.2139/ssrn.3207104

Adrienne Adjeleian

York University - Schulich School of Business ( email )

4700 Keele Street
Toronto, Ontario M3J 1P3
Canada

Oana Jurjica

York University - Schulich School of Business ( email )

4700 Keele Street
Toronto, Ontario M3J 1P3
Canada

Henry M. Kim (Contact Author)

York University - Schulich School of Business ( email )

4700 Keele Street
Toronto, Ontario M3J 1P3
Canada

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