Blockchain Technology in the Energy Sector: A Brief Technical Review

Many people from academia, governments, financial institutions, and energy sector have become very interested in distributed ledger technology, also referred to as blockchain technology. Many experts in various fields agree that it is capable of providing major benefits and encouraging creative ideas. The use of trustworthy, tamper-proof, and secure systems by blockchain, and integrated with smart contracts, makes it possible to develop modern business structures. First, this article explains the core elements of blockchain, such as its system structure and types of agreement, and then goes on to cover uses of blockchain in the energy area. We thoroughly analyze both the existing literature and real-world commercial applications to provide an accurate depiction of the current status of progress in this field. To our knowledge, this is one of the first scholarly books that thoroughly examine blockchain initiatives and their impact on the energy industry. This report examines over 140 blockchain research projects and uses their data to assess the potential and feasibility of blockchain in the energy industry. Additionally, the study offers a roadmap for start-up enterprises in this field. The study's conclusion discusses the challenges and market limitations that the technology must overcome to cope with the hype stage, show that it is commercially viable, and finally win over the general public.