Advancing blockchain: A case of blockchain-enabled residential P2P electricity trading

Sammanfattning: Moving towards decarbonization, the energy sector is facing a challenge of incorporating an increasing number of renewable energy sources generators in the existing electricity system. One of the proposed solutions is the adoption of blockchain-enabled residential P2P electricity trading. It demonstrates a new way of electricity trading, which allows for a greater transparency, automatization, leading to a democratized energy market with less CO2 emissions. However, many unsolved questions result in an increasing number of researchers to focus on the application of blockchain in the energy sector while focusing on multiple use cases, including blockchain-enabled residential P2P electricity trading. Yet, a research gap remains when trying to identify how blockchain-enabled residential P2P electricity trading can advance and essentially be adopted in the mainstream. Taking the theoretical lens of the business ecosystem approach combined with the innovation-decision theory, we aim to identify who is driving the change and assess the role of other relevant actors for this innovation to advance. This master thesis is a single-case study examining the phenomenon of blockchain-enabled residential P2P electricity trading in the context of its business ecosystem. Adopting a qualitative approach, we extensively researched the existing academic literature, other secondary data, and conducted three observations and 26 in-depth and semi-structured interviews with experts in the field of energy, blockchain or a combination of these. The following four findings of this study evolve around the identified blockchain- enabled residential P2P electricity trading ecosystem. (1) The four relevant actors in this ecosystem are startups, utilities, consultancies and technology providers, and institutional actors. Their interactions are fundamental for the advancement of the innovation. (2) The identified interactions create interdependencies which lead to the fact that none of the actors can act alone to advance the innovation. (3) Startups are driving the innovation. (4) Utilities and institutional actors have the power to halt the advancement of the ecosystem and hence this innovation.