PNNL

Abstract

Trends in decarbonization and digitalization are driving the rapid advancement of modern power systems and their associated landscapes. This paper investigates various blockchain-based power and energy use cases to create added value. A Fuzzy Einstein-based decision-making approach is proposed to evaluate and rank these use cases. The methodology includes a comprehensive literature and market survey of over 300 projects, articles, and companies, followed by an expert survey involving 20 participants to define decision-making criteria. The model is validated against an alternative decision-making model and existing literature, demonstrating that criteria weightings do not impact the ranking order. Prioritizing these use cases aids companies, standardization bodies, and government authorities in making better investment decisions and facilitates collaboration among stakeholders in the energy sector. The main contributions of this study include a comprehensive survey of real-world industrial and academic applications, including start-ups and research outcomes. Additionally, it investigates blockchain technology initiatives, providing insights into the dynamic landscape of blockchain adoption in the energy industry. Furthermore, it develops a novel decision-making approach to rank energy use cases, advancing decision-making frameworks and normalizing literature survey outcomes. The proposed multi-stage approach normalizes the hype observed in the literature by prioritizing certain use cases through expert opinion and multidisciplinary criteria, uncovering the real potential of energy blockchain use cases.