Impact of Blockchain Technology on the Energy Industry in Germany

Seminar paper from the year 2022 in the subject Economics - Industrial Economics, grade: 1,0, Fresenius University of Applied Sciences Hamburg, language: English, abstract: What impact will blockchain technology have on the energy industry in Germany? For some years now, blockchain technology has been increasingly in the focus of the media, companies and even countries. The potential of this new technology is still largely unknown. Nevertheless, possible applications for society and industry can already be found today. Cryptocurrencies can be traded anonymously worldwide, independent of states, banks or other institutions. That is why they are increasingly in the focus of politics and under strong criticism. However, blockchains can not only be used to exchange digital currencies, but also to design new digital use cases that could play an important role, especially in the age of digitalization. These potentially faster, autonomous and decentralized applications are secured by cryptographic keys. Companies, as well as the general public, can benefit from the properties of the blockchain. The data on the blockchain is immutable and open to inspection. Therefore, they provide a high level of security and trust in the digital world that did not exist before. The new technology is influencing many areas of the economy, including the energy industry in Germany. Germany and many European countries are currently in the midst of the energy transition. Renewable energy sources are an important part of this. Nuclear and coal-fired power plants are being dismantled and wind and solar farms are being built. In addition, more and more private households are producing their own energy. This is changing the energy supply from a centralized to a decentralized grid.