The use of blockchain technologies in the energy industry

Abstract

This article examines the problem of increasing the efficiency of the energy industry using blockchain technology. The main purpose of the work is to determine the directions of implementation of blockchain technology in the oil and gas sector and the electric power industry. The article also outlines the conditions for the effective implementation of blockchain projects, analyzes the directions of blockchain implementation in the oil and gas industry and the electric power industry, and determines the expected results of the implementation of blockchain technology in the energy sector and possible related problems.Blockchain technology turns out to be fundamental for automatic monitoring, tracking, and recording of information, namely, an asset, which is electricity. Opportunities are opening up for managing the processes of electricity consumption and production through the economics of the relationship oftechnologies. Along with traditional generation, alternative opportunities arise for the local purchase of energy when it is cheap, its subsequent sale at ahigher price at the peak of consumption, or a decrease in consumption during periods of price increases.In addition, blockchain can contribute to the development of decentralized energy by allowing small home or commercial energy producers to sell their excess energy to other users. This can create new opportunities for the development of renewable energy sources and reduce dependence on traditional energy suppliers