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Impact of Blockchain Technology on the Energy Industry in Germany

2023-07-28 Business & Economics
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Release : 2023-07-28
Genre : Business & Economics
Kind : eBook
Book Rating : 070/5 ( reviews)

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Book Synopsis Impact of Blockchain Technology on the Energy Industry in Germany by :

Download or read book Impact of Blockchain Technology on the Energy Industry in Germany written by . This book was released on 2023-07-28. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2022 in the subject Economics - Industrial Economics, grade: 1,0, Fresenius University of Applied Sciences Hamburg, language: English, abstract: What impact will blockchain technology have on the energy industry in Germany? For some years now, blockchain technology has been increasingly in the focus of the media, companies and even countries. The potential of this new technology is still largely unknown. Nevertheless, possible applications for society and industry can already be found today. Cryptocurrencies can be traded anonymously worldwide, independent of states, banks or other institutions. That is why they are increasingly in the focus of politics and under strong criticism. However, blockchains can not only be used to exchange digital currencies, but also to design new digital use cases that could play an important role, especially in the age of digitalization. These potentially faster, autonomous and decentralized applications are secured by cryptographic keys. Companies, as well as the general public, can benefit from the properties of the blockchain. The data on the blockchain is immutable and open to inspection. Therefore, they provide a high level of security and trust in the digital world that did not exist before. The new technology is influencing many areas of the economy, including the energy industry in Germany. Germany and many European countries are currently in the midst of the energy transition. Renewable energy sources are an important part of this. Nuclear and coal-fired power plants are being dismantled and wind and solar farms are being built. In addition, more and more private households are producing their own energy. This is changing the energy supply from a centralized to a decentralized grid.

Blockchain in the Energy Sector

2024-03-11 Law
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Release : 2024-03-11
Genre : Law
Kind : eBook
Book Rating : 178/5 ( reviews)

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Book Synopsis Blockchain in the Energy Sector by : Alexander Freier

Download or read book Blockchain in the Energy Sector written by Alexander Freier. This book was released on 2024-03-11. Available in PDF, EPUB and Kindle. Book excerpt: Renewable energy sources became a key research focus in the field of global environmental governance. Within this context, new technical innovations seek to overcome challenges resulting from volatile renewable energy production and lacking storage capacities. Blockchain, a distributed ledger technology using cryptography, gained prominence as an integral component within the increasingly decentralized and digitalized global energy infrastructure. Against this background, Alexander Freier argues that the application of blockchain technologies represents a viable option to both enhance the efficiency and balancing of renewable energy as well as to subsequently reduce GHG emissions if the following three components are met: the ongoing implementation of technological advancements, an adequate global normative framework, and general trust on behalf of key market actors to promote blockchain in the energy sector on a global scale. Departing from an analysis of the relationship between climate change and energy, Freier conducts a legal analysis to explore possible ʼbottom-upʼ perspectives for the implementation and transfer of technological innovation derived from climate contracts. This analysis examines the technological infrastructure surrounding blockchain energy as well as its application to the Brooklyn MicroGrid in the US and the WindNODE trading platform in Germany from an International Relations perspective.

Integration of Blockchain Components in the Electricity Balance Area Management

2019-05-15 Science
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Release : 2019-05-15
Genre : Science
Kind : eBook
Book Rating : 012/5 ( reviews)

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Book Synopsis Integration of Blockchain Components in the Electricity Balance Area Management by : Andrei Gladikov

Download or read book Integration of Blockchain Components in the Electricity Balance Area Management written by Andrei Gladikov. This book was released on 2019-05-15. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2019 in the subject Energy Sciences, grade: 1.8, University of Freiburg, language: English, abstract: This thesis is aimed to estimate the severity of recent balancing costs fallen onto balancing responsible parties (BRPs), the quality of forecast incentive, and prove a blockchain-based secondary flexibility market with quota mechanism of trading activation rights an efficient and economically viable tool for BRPs for offsetting schedule deviations at short notice. After developing a prosumer-enabled model which is system integrated complying with existing balancing management, various scenarios of deviations exchange are emulated. The focus of this work is set to justify the sufficiency of strategic value in blockchain technology as the market underlying infrastructure and as a complementary layer for the established data exchange platform. This thesis identifies blockchain benefits and regulatory challenges for synchronization of multiple flexibility providers, creating and managing deviations-conscious balancer communities, resulting in energy balancing costs reduction, enabling innovative business models and additional revenue streams for balancing groups. The increasing uncertainty of the power supply in Germany due to the surge in fluctuating renewable energy, power plant failures and accidental changes in consumption lead to the energy system imbalance. This not only threatens the system security, but also turns into financially punitive consequences for energy market players. Current market-based solutions and the German established data exchange platform with market rules ‘MaBiS’ do not foster a bottom-up collaboration in balancing groups to timely offset schedule deviations. The capability to modify and/or shift consumption of industrial or commercial end-customers as well as to adjust energy output of generation units gives a unique opportunity for organizing a shared platform for flexibility services exchange to mitigate the risk of paying imbalance tariff.

Blockchain-Technology in the Energy Industry

2020-02-13
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Release : 2020-02-13
Genre :
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Book Synopsis Blockchain-Technology in the Energy Industry by : Bartek Mika

Download or read book Blockchain-Technology in the Energy Industry written by Bartek Mika. This book was released on 2020-02-13. Available in PDF, EPUB and Kindle. Book excerpt: The expansion of renewable energy is rapidly increasing as part of the energy revolution. The structure of energy supply systems is becoming increasingly decentralized (decentralization). New players, such as prosumers, who generate and consume their own electricity, could establish themselves in the electricity market. However, due to their low capacity, prosumers are currently unable to participate economically in electricity trading. In particular, the increasing complexity of control and the load on the network infrastructure as well as the high requirements on data security, which are associated with the exchange of electricity and the associated electricity bills, require digitalization of the energy revolution (Energiewende 2.0). The aim of this book is to examine if the "blockchain as a driver of the energy revolution" for the development of new digital business models can contribute to the successful transformation of the energy system. Numerous statements from energy industry experts, study results and two surveys indicate that blockchain has high potential in the medium and long term to significantly impact the energy industry in the coming years. Blockchain technology promises economic value through its strengths such as disintermediation, security, transparency and automation. However, in addition to technical challenges such as the upcoming smart meter rollout, the smart meter gateway required for communication, and the compatibility between the smart metering systems and the blockchain, there are also legal and regulatory hurdles which make the use of the blockchain difficult in the short-term. By far the most widely discussed usage of blockchain in the energy sector is the peer-to-peer trading of decentralized electricity from renewable energies. Therefore, it was examined within the framework of a concept, whether there is a possibility for prosumers to participate economically in electricity trading, despite their low capacity. The results show that due to regulatory constraints such an implementation is only possible in form of a service model in which all areas of responsibility are transferred to a service provider (eg electricity supplier). An independently developed business model, which includes peer-to-peer trading based on a service, shows the required infrastructure, a detailed process description in the context of a business process map and one option to configure the blockchain.

Innovation Landscape brief: Blockchain

2019-09-01 Technology & Engineering
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Release : 2019-09-01
Genre : Technology & Engineering
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Book Rating : 063/5 ( reviews)

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Book Synopsis Innovation Landscape brief: Blockchain by : International Renewable Energy Agency IRENA

Download or read book Innovation Landscape brief: Blockchain written by International Renewable Energy Agency IRENA. This book was released on 2019-09-01. Available in PDF, EPUB and Kindle. Book excerpt: IRENA’s Innovation Landscape report highlights innovations in enabling technologies.

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