Blockchain Solutions for the Energy Sector: SPARCS Feasibility Study
Since their inception in 2008, blockchains have been one of the most rapidly growing ICT technologies with possible applications in several different fields, such as finance, logistics and energy. Blockchain, or Distributed Ledger Technology (DLT), is a technology that can be used to store information securely in a decentralized manner without the aid of trusted third parties. Instead, trust and verification are enabled via collectivized supervision and storage. Distributed storage ensures that the data remains unaltered even if a single compromised part of the network alters any information within the blockchain, and distributed supervision ensures that all decisions made between the participants are decided upon securely, even when trust is not present. In the energy sector, blockchains could be an especially useful technology in providing solutions for tracking, transferring, and collecting data in decentralized applications.
With a unique opportunity of working with partners that have an interest in the business of blockchain technologies within the energy sector, SPARCS provides an opportunity to investigate blockchain as a solution for the energy field both locally and internationally. To achieve this, a feasibility study was developed to substantiate any benefits that blockchains offer compared to business as usual within the selected themes of VPP’s, Demand Response (DR), and bi-directional energy transfer. Furthermore, pros and cons of different blockchain solutions were analyzed about how they can be used within these fields. In addition, use cases of blockchain solutions were presented, and the current legal and regulatory framework was analyzed.
Find the full feasibility study in the useful documents section below.