Implementing Distributed Ledger Technology for Advanced Supply Chain Optimization in the Renewable Energy Sector: A Comprehensive Examination

Teo Rong Xuan *

School of Economics and Management, Tsinghua University, Beijing 100084, China.

*Author to whom correspondence should be addressed.


Abstract

Blockchain, also known as a distributed ledger, is a novel technological advancement that is currently gaining prominence in several sectors and industries worldwide. Various interest groups, including energy businesses, small and medium-sized enterprises (SMEs), start-ups, information technology developers, financial institutions, national authorities, and the academic community, have shown interest in this matter. The enhancement of daily corporate operations is projected to be achieved by several means, such as the decentralization of authority in transactions, installation of the Internet of Things (IoT), and utilization of smart contracts. Digitalization is already prevalent in several solutions within the energy sector, including smart grids, smart meters, and electric vehicles. Furthermore, the academic literature has developed a novel idea known as the Internet of Energy (IoE). This article examines the degree of trust and maturity associated with the use of Blockchain technology. The authors have developed the Blockchain Maturity Questionnaire to assess these factors. The database comprises replies obtained from experts in high management positions within the renewable energy sector. The report provides an overview of the current understanding of Blockchain technology, highlighting its primary advantages and challenges in implementation. Additionally, it examines the extent to which firms are inclined to use this technology into their future operations. The valuable input from industry professionals facilitated the development of a comprehensive plan, referred to as the "Roadmap for Blockchain Adoption," which outlines the integration of blockchain technology into forthcoming energy systems.

Keywords: Block chain, renewable energy, ledger technology


How to Cite

Xuan , Teo Rong. 2023. “Implementing Distributed Ledger Technology for Advanced Supply Chain Optimization in the Renewable Energy Sector: A Comprehensive Examination”. Journal of Energy Research and Reviews 15 (3):58-75. https://doi.org/10.9734/jenrr/2023/v15i3316.

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