Blockchain technology for decentralized energy production and consumption: the case of an emerging economy

Ridoan Karim, Imtiaz Sifat

Research output: Chapter in Book/Report/Conference proceedingChapter (Book)Researchpeer-review

Abstract

The aim of this chapter is to review the basic principles underpinning blockchain technology in the energy industry. After a thorough analysis of literature and existing stylized facts, the study scrutinizes contemporary blockchain applications used in the energy sector and connects them to the prospects and challenges of introducing this technology in the energy production and consumption in the context of Bangladesh . Using qualitative research techniques and semi-structured interviews of seven experts, the study underscores prospects and possible limitations of introducing blockchain technology in the energy sector of Bangladesh. As the technology is still in a nascent stage in Bangladesh, empirical elements such as field survey were not considered in this research. The review of the study identifies emerging Peer-to-Peer (P2P) applications for energy trading and application of Internet of Things (IoT) to decentralized marketplaces as key areas of interest. It should be noted that blockchain technology has tremendous potential to deliver substantial advantages in the energy sector, which, when combined with smart contracts, would allow new management applications. This study contributes to business economics and energy literature by offering a comprehensive overview of blockchain activities and initiatives in the energy industry in Bangladesh. The chapter further highlight challenges associated with regulatory and policy implementations which have not been academically discussed in scholarly contributions.

Original languageEnglish
Title of host publicationBlockchain in Energy
EditorsJan Veuger
Place of PublicationBoca Raton FL USA
PublisherCRC Press
Chapter7
Pages148-176
Number of pages29
Edition1st
ISBN (Electronic)9781040000731, 9781003243229
ISBN (Print)9781032152400, 9781032152431
DOIs
Publication statusPublished - 2024

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