The blockchain with smart contracts makes it possible to trade locally generated energy to other consumers and users without compromising authenticity, credibility, and privacy.
The energy market in Europe is a complex system that involves the production, distribution, and consumption of energy. This market is regulated by a number of different bodies, including the European Union and national governments1.
Several types of energy sources are used in Europe, including fossil fuels (such as coal, oil, and natural gas), nuclear power, and renewable sources (such as wind, solar, and hydroelectric). These sources are used to generate electricity, which is then transmitted through a network of transmission and distribution lines to homes, businesses, and other consumers2.
A number of factors, including the availability of different energy sources, the cost of production, and energy demand, shape the energy market in Europe. There are also a number of initiatives in place to encourage the use of renewable energy sources and to reduce the region’s reliance on fossil fuels.
|Blockchain technology has the potential to revolutionize the energy market by enabling the creation of decentralized networks for the production and distribution of energy.|
1Pepermans, Guido. “European energy market liberalization: experiences and challenges.” International Journal of Economic Policy Studies 13.1 (2019): 3-26.
3Andoni, Merlinda, et al. “Blockchain technology in the energy sector: A systematic review of challenges and
opportunities.” Renewable and sustainable energy reviews 100 (2019): 143-174.
4 M. Abdelwahed, T. A. Boghdady, A. Madian, and R. Shalaby, “Energy Trading Based on Smart Contract Blockchain Application,” 2020 International Conference on Innovation and Intelligence for Informatics, 3 Computing and Technologies (3ICT), 2020, pp. 1-6, doi: 10.1109/3ICT51146.2020.9312010.