A review of worldwide blockchain technology initiatives in the energy sector based on go-to-market strategies

Abstract

Purpose

This paper aims to introduce the current-state of the energy grid, to reviews new and enabling peer-to-peer and blockchain-based solutions and to propose a strategic go-to-market framework, populated with energy companies strategically positioned to capture the unique opportunities present across the energy industry.

Design/methodology/approach

Hundreds of use-cases worldwide have been reviewed, and 50 worldwide blockchain energy companies and initiatives were included in this study based on the publicly accessible information that indicates their go-to-market strategies. As a result, these initiatives were classified into three main types of go-to-market strategies. Each company and its portfolio of blockchain-based solutions was described under these three categories.

Findings

Based on the research conducted in this review paper, it is evident that the adoption of blockchain-based technologies, solutions and services is accelerating at a rapid pace within the global energy industry to meet the needs and challenges that exist within it. Given the companies outlined in this paper, the opportunity to leverage blockchain technology while aligning to a social driver like green energy is perceived to be the most promising go-to-market strategy within this sector.

Originality/value

This study explores the apparent business plans of different blockchain initiatives around the world. Although there are a few other review papers recently published, to the best of the authors’ knowledge, this approach has not been taken in other studies in terms of the categorization of available use-cases.

Citation

Chacra, S.A., Sireli, Y. and Cali, U. (2021), "A review of worldwide blockchain technology initiatives in the energy sector based on go-to-market strategies", International Journal of Energy Sector Management, Vol. 15 No. 6, pp. 1050-1065. https://doi.org/10.1108/IJESM-05-2019-0001