Blockchain for energy market: A comprehensive survey

Abstract

The energy market encompasses the behavior of energy supply and trading within a platform system. By utilizing centralized or distributed trading, energy can be effectively managed and distributed across different regions, thereby achieving market equilibrium and satisfying both producers and consumers. Additionally, the energy market can address future production control and environmental concerns such as energy shortages and environmental deterioration. However, recent years have presented unprecedented challenges and difficulties for the development of the energy market. These challenges include regional energy imbalances, volatile energy pricing, high computing costs, and issues related to transaction information disclosure. These factors have hindered the smooth operation of the energy market. Researchers widely acknowledge that the security features of blockchain technology can enhance the efficiency of energy transactions and establish the fundamental stability and robustness of the energy market. This type of blockchain-enabled energy market is commonly referred to as an energy blockchain. Currently, there is a burgeoning amount of research in this field, encompassing algorithm design, framework construction, and practical application. It is crucial to organize and compare these research efforts to facilitate the further advancement of energy blockchain. This survey aims to comprehensively review the fundamental characteristics of blockchain and energy markets, highlighting the significant advantages of combining the two. Moreover, based on existing research outcomes, we will categorize and compare the current energy market research supported by blockchain in terms of algorithm design, market framework construction, and the policies and practical applications adopted by different countries. Finally, we will address current issues and propose potential future directions for improvement, to provide guidance for the practical implementation of blockchain in the energy market.