4.7 Article

Regulating blockchain for sustainability? The critical relationship between digital innovation, regulation, and electricity governance

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ENERGY RESEARCH & SOCIAL SCIENCE
卷 76, 期 -, 页码 -

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ELSEVIER
DOI: 10.1016/j.erss.2021.102060

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Blockchain; Energy market; Innovation; Regulation

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Blockchain technology has innovative applications in the electricity industry, but its potential is yet to be fully discovered, partly due to the role of regulation in electricity markets. Fit into existing regulatory frameworks is necessary for blockchain-supported innovations to be introduced and adopted on a commercial scale. Energy regulators should focus on possible responses to blockchain-enhanced market operations and consider implementing a monitoring mechanism to support innovation.
Blockchain technology has found several innovative applications in the electricity industry. However, its potential has still to be discovered. This is partly due to the role that regulation plays in electricity markets. To be introduced, experimented with, and eventually adopted on a commercial scale, blockchain-supported innovations need to fit the existing regulatory framework or the rules to be reshaped or updated. We focus on energy regulators' possible responses to the blockchain-enhanced market operations (both from the incumbents and potential newcomers), suggesting a monitoring mechanism that can support innovation.

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