LAPSE:2023.9106v1
Published Article

LAPSE:2023.9106v1
Electricity Usage Settlement System Based on a Cryptocurrency Instrument
February 27, 2023
Abstract
This article reviews the issue of the use of cryptocurrencies (crypto-assets, in general) for an electricity settlement system. The development of digital techniques, including blockchain-based mechanisms, has meant that an increased interest in blockchain-based solutions is to be expected. Blockchain and similar approaches are characterised by decentralisation, so they are concurrent with the trends of the transforming power sector. Decentralised energy generation based on a high proportion of prosumer installations requires the implementation of a new settlement system for grid activities related to electricity use. The first projects of such systems based on a dedicated cryptocurrency have emerged. Based on these, the general concept of such a system with its own cryptocurrency called CCE is presented, including variants implementing net-metering and net-billing. Furthermore, issues requiring interdisciplinary research work and discussion before implementing such systems were identified. A settlement system in which a cryptocurrency is linked to a unit of energy used could be a first step towards introducing a new universal means of value exchange, linked to energy as the primary measure of the value of goods.
This article reviews the issue of the use of cryptocurrencies (crypto-assets, in general) for an electricity settlement system. The development of digital techniques, including blockchain-based mechanisms, has meant that an increased interest in blockchain-based solutions is to be expected. Blockchain and similar approaches are characterised by decentralisation, so they are concurrent with the trends of the transforming power sector. Decentralised energy generation based on a high proportion of prosumer installations requires the implementation of a new settlement system for grid activities related to electricity use. The first projects of such systems based on a dedicated cryptocurrency have emerged. Based on these, the general concept of such a system with its own cryptocurrency called CCE is presented, including variants implementing net-metering and net-billing. Furthermore, issues requiring interdisciplinary research work and discussion before implementing such systems were identified. A settlement system in which a cryptocurrency is linked to a unit of energy used could be a first step towards introducing a new universal means of value exchange, linked to energy as the primary measure of the value of goods.
Record ID
Keywords
blockchain, cryptocoin, cryptocurrency, DLT, electricity user, energy market, energy settlements, prosumer, smart contract, smart grid
Subject
Suggested Citation
Bielecki S, Skoczkowski T, Sobczak L, Wołowicz M. Electricity Usage Settlement System Based on a Cryptocurrency Instrument. (2023). LAPSE:2023.9106v1
Author Affiliations
Bielecki S: Faculty of Power and Aeronautical Engineering, Warsaw University of Technology, 21/25 Nowowiejska St., 00-665 Warsaw, Poland [ORCID]
Skoczkowski T: Faculty of Power and Aeronautical Engineering, Warsaw University of Technology, 21/25 Nowowiejska St., 00-665 Warsaw, Poland
Sobczak L: Faculty of Management, Warsaw University of Technology, 85 Narbutta St., 02-524 Warsaw, Poland [ORCID]
Wołowicz M: Faculty of Power and Aeronautical Engineering, Warsaw University of Technology, 21/25 Nowowiejska St., 00-665 Warsaw, Poland [ORCID]
Skoczkowski T: Faculty of Power and Aeronautical Engineering, Warsaw University of Technology, 21/25 Nowowiejska St., 00-665 Warsaw, Poland
Sobczak L: Faculty of Management, Warsaw University of Technology, 85 Narbutta St., 02-524 Warsaw, Poland [ORCID]
Wołowicz M: Faculty of Power and Aeronautical Engineering, Warsaw University of Technology, 21/25 Nowowiejska St., 00-665 Warsaw, Poland [ORCID]
Journal Name
Energies
Volume
15
Issue
19
First Page
7003
Year
2022
Publication Date
2022-09-23
ISSN
1996-1073
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PII: en15197003, Publication Type: Review
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LAPSE:2023.9106v1
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https://doi.org/10.3390/en15197003
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