Advancing Sustainable Energy Transition: Blockchain and Peer-to-Peer Energy Trading in India’s Green Revolution

Abstract

Advancing the sustainable energy transition is a major need in nations that are constantly evolving and developing in terms of their energy economy. India has been chosen for the purpose of analysis due to the heterogenous nature of its polity, topographies, infrastructural capabilities and diverse framework. In accordance with the sustainable development goals proposed by the UN, a metamorphosis is observed within the renewable energy sector of the nation. Blockchain technology that facilitates a transparent transition is incorporated on various upcoming platforms. This is backed up by peer-to-peer trading of energy providing a prosumer with an autonomous environment. The goal of this paper is to highlight the struggles and challenges faced by the energy sector as it takes up unconventional and non-traditional approaches within the country. It also aims to discover potential ways that would help a nation like India facilitate such a transition by studying its ongoing trends. The need is eminent for a practical study that is specific to a developing nation like India in terms of P2P energy trading enabled by blockchain technology to promote the use of open-sourced electricity and achieve a decentralized system.