Renewable Energy 176 (2021) 183e197

Contents lists available at ScienceDirect

Renewable Energy
journal homepage: www.elsevier.com/locate/renene

Blockchain and renewable energy: Integration challenges in circular

economy era
Abdullah Yildizbasi
Department of Industrial Engineering, Ankara Yıldırım Beyazıt University, 06010, Ankara, Turkey

a r t i c l e i n f o a b s t r a c t

Article history: Renewable energy technologies play a crucial role in reducing the energy consumption by exploiting
Received 20 January 2021 natural energy resources. With the increase in the trend towards the use of renewable energy resources
Received in revised form energy distribution networks have become more complex. As such, it is envisioned that efficient dis-
28 April 2021
tribution of the generated energy, illegal energy use, unfair pricing, and individual energy producers'
Accepted 10 May 2021
entry into the market will be the key issues that need be tackled in near future. In this study, we discuss
Available online 19 May 2021
in order to eliminate the problems experienced in the energy grid management process, the blockchain
concept, and its integration with renewable energy systems. First, we develop a novel integration process
Keywords:
Blockchain
of blockchain with the renewable energy systems under the circular economy perspective in order to
Renewable energy ensure the sustainability of energy grid management systems, followed by discussions on the advantages
Circular economy of the proposed integration process for energy policy makers. Second, the challenges of blockchain faced
Energy policy during the integration to a circular economy are presented. In order to prioritize the challenges
Pythagorean fuzzy AHP encountered in the integration process, a numerical analysis is conducted using the Pythagorean Fuzzy
Analytical Hierarchy Process method based on expert opinions, and corresponding managerial impli-
cations are included.
© 2021 Elsevier Ltd. All rights reserved.

1. Introduction economic, environmental and social sustainability. Traditional

Digital innovations have been seen to have a potential role in
creating a resource-efficient industrial and service capacity in all
sectors. Successful implementation of these technologies will help
minimize costs and boost the sustainability and efficiency of energy
production processes in the circular economy era. The Industry 4.0
revolution, which comes with digitization, has led to new concepts
in many areas [1]. Blockchain technology is also a candidate to be
one of the most important concepts or tools in the Industry 4.0
world [2]. In recent years, when the circular economy idea has
become widespread, and encouraging steps have been taken in this
regard, the contribution of blockchain technology to this concept
has been gradually analyzed in the literature [3]. The destructive
effect of the concepts of blockchain and circular economy reveals
the necessity to restructure all technological, social, environmental,
economic and managerial ideas and concepts that should be
considered strategically in the long term [4,5].
The circular economy offers new opportunities to ensure
E-mail addresses: ayildizbasi@ybu.edu.tr, abdullahyildizbasi@gmail.com.
linear economic models prevent the irresponsible use of scarce
resources. However, circular economy models provide a more
sustainable structure both economically and environmentally by
enabling resource reuse [6]. The linear economy idea suggests an
unfinished process where the plant supplies the processed mate-
rials and collects the waste after utilizing the products. The Circular
Economy principle holds the commodity in operation for as long as
possible, and the commodity is recycled at the end of its lifespan
[5]. Fig. 1 shows the difference between this linear economy model
and the circular economy model.
However, for the circular economy to be implemented realisti-
cally, systems with basic competencies such as security, trans-
parency, traceability, and provability are needed. A sustainable
structure can only be achieved with a circular economy perspective
with a technological transformation that provides the specified
features [7]. The capabilities of blockchain technology can support
the circular economy concept in many dimensions. The features of
the blockchain such as transparency, traceability, security,
accountability, and accuracy come to the fore through examples
such as waste tracking for recycling resources, real-time moni-
toring of CO2 emissions [8e10].

https://doi.org/10.1016/j.renene.2021.05.053
0960-1481/© 2021 Elsevier Ltd. All rights reserved.
A. Yildizbasi
Fig. 1. Difference between linear economy and circular economy. Adapted from Ref. [5].
The energy sector is one of the building blocks of the circular
economy. The sustainability of energy production seriously affects
the circular economy performance. Because all production and
service processes cannot be considered independent of energy.
The energy sector is one of the building blocks of the circular
economy. The sustainability of energy production substantially af-
fects the performance of the circular economy. This is because all
production and service processes cannot be considered indepen-
dent of energy. In this respect, energy comes first in the techno-
logical transformation integration, and sustainable energy
production is the basic criterion of a sustainable economic model
and plays an irreplaceable role in close future for every person [11].
In this context, the following activities have complementary effects
on the philosophy of circular economy [12];

the management and transparency of activities aimed at
reducing carbon emission rates in energy production [8],

elimination of congestion in energy production and trans-
mission systems,

autonomous energy production power plants,

integration of emergent technologies such as big data and the
internet of things in energy management,

forecasting energy demand correctly and planning energy pro-
duction accordingly,

using verified data in making strategic decisions for renewable
energy production,

waste tracking in energy production,

reliability of the energy market, pricing, and standardization of
regulations,

sustainable energy storage and tracking.
Many of these issues are directly related to new technologies.
Some of them can be associated with the hybridization of different
technologies such as robotics, artificial intelligence, blockchain, IoT,
and big data tools. For example, while estimation processes can be
done with various artificial intelligence tools, the blockchain sys-
tem provides real-time and reliable data [13e15].
Naturally, some difficulties may arise in the process of imple-
menting the blockchain in the energy sector. In particular, tech-
nological infrastructure, insufficiency of investment, blockchain
technology being very new, habits, and bureaucratic obstacles may
be some of these difficulties [3]. However, the importance of these
challenges is different for each sector.
The main motivation for this study is to reveal the link between
the integration of blockchain technology into energy distribution
networks and the circular economy. In this context, presenting a
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Renewable Energy 176 (2021) 183e197
framework for blockchain-integrated energy grid management
systems is the first step of the study. In addition to this, analytically
based handling of difficulties that may be encountered in realiza-
tion of the proposed framework is presented in the second part of
the study. Accordingly, the study has two main objectives. The first
aim is to present a general framework for the integration of
blockchain technology from the circular economy perspective and
define the advantages of blockchain technology in the energy
markets. Then, it is to provide managerial implications by grading
implementation difficulties on the basis of the presented frame-
work. In this respect, this study focuses on the difficulties
encountered in the technology transformation process in the en-
ergy sector [16]. For this purpose, the AHP method, one of the
multi-criteria decision-making, was applied together with Py-
thagorean fuzzy numbers. As far as the authors know, there is no
study on blockchain implementation barriers made specifically for
the energy grids in the literature.
The research questions of this study are:
I. What are the economic, social and environmental contribu-
tions of blockchain integration to the circular economy in the
energy sector?
II. What are the main challenges in blockchain-energy imple-
mentation? In what order of importance are these challenges
in the process of technological transformation?
III. What precautions should decision-makers and senior man-
agement in the energy sector, which has entered a trans-
formation process with digitalization, overcome the
difficulties in this process?
Within the framework of the presented research questions, the
main contributions of this study to the literature are as follows:
I. Solving difficulties in blockchain-energy implementation with
analytical methods and making quantitative recommendations.
II. Presenting a framework regarding the contribution of the
blockchain to the transformation in the energy sector and
considering it with sustainability dimensions.
The rest of the work in this study as follows; the literature re-
view of related studies has been covered in Section 2. In Section 3, a
framework based on sustainability and the circular economy and
classification of challenges that may be encountered in blockchain-
energy integration are presented. An application of the proposed
method and related results are illustrated in Section 4. Managerial
implications and discussion of findings are provided in Section 5.
A. Yildizbasi
Finally, in Section 6 conclusion have been drawn with the research
limitations of the study and future research agenda.
2. Literature review
Blockchain technology can be seen as one of the Industry 4.0
tools that have emerged, including many industries. It has appli-
cability for all tangible and intangible assets with its potential [17].
It offers a decentralized and open data record distribution with its
distributed ledger concept [18,19]. All transactions made on the
network are stored as a block based on a consensus mechanism and
connected to the blockchain shared within the network with its
unchangeable feature. Thus, all information is kept transparently
for accountability [20].
Blockchain technology first came into our lives with financial
applications and increased recognition with Bitcoin applications
and crypto money systems, a source of inspiration for studies and
publications in many fields [21]. It has many applications in
financial services, sharing economy, and distributed systems [22].
However, it can be used in many areas such as healthcare [23],
agriculture [24], food [25], construction [26], logistics [27], educa-
tion [28] and finance [29] on a sector basis. In the next 20 years, the
blockchain is expected to occupy a large place in the technology
ecosystem.
Blockchain technology is a candidate to be one of the leading
digitalization tools in the energy sector with the advantages it
provides. With the increasing popularity of distributed energy
systems and the emergence of green energy needs, blockchain
technology can act as a control mechanism. The distributed struc-
ture offered by the blockchain is a technology that is fully
compatible with smart grids and micro grids, which also make up
the future of the energy sector [30e32]. Distributed energy systems
structure attracts the attention of many researchers and practi-
tioners in this regard [33,34].
Silvestre et al. [35] focused on technical issues related to the
energy blockchain for micro grids. Power losses occurring on the
system are handled with an integrated blockchain system. This
article offers a vision and analyzes a scheme developed for net-
worked microgrids that utilize blockchain technologies to optimize
power distribution systems' financial and physical operations.
Blockchain provides a powerful and trustworthy path for launching
distributed data storage and management; the article explores the
possibility of customizing blockchain technologies to meet socio-
economic requirements of transactive energy management at the
power distribution level.
In another study on microgrids, an analysis based on blockchain
technology was conducted to optimize power distribution systems'
financial and physical processes. This paper also emphasizes the
possibility of customizing Blockchain technology [36]. Hassan et al.
[37] proposed blockchain-based secure energy trading and
blockchain-based smart home concept were evaluated. It has been
evaluated that energy trading can be done through the blockchain
system without third-party intervention. Similarly, in the study, in
which a mechanism for eliminating the coordination requirement
of third parties, Leeuwen et al. [38] proposed a blockchain-based
energy management platform. Smart contracts are included in
this study in which physical constraints in micro-networks are
taken into account. In another study on the blockchain-based mi-
cro-grid energy market concept that eliminates the need for
centralized intermediaries, seven energy market components are
discussed. It has been shown that the Brooklyn micro-network fully
meets three of the proposed seven components and partially the
other three. Also, it has been suggested that a blockchain is an
effective tool in managing the energy market [39]. For more
detailed information about the blockchain-based distributed
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Renewable Energy 176 (2021) 183e197
energy concept, the Ahl et al. [40] review study can be examined.
The positive effects of blockchain on renewable energy man-
agement and sustainability have been discussed in many studies
[41e43]. Therefore, blockchain and sustainability-oriented studies
in the energy sector have increased noticeably in recent years
[44,45]. In the study conducted by Tsao and Thanh [46], the
financial support of banks for renewable energy sources was dis-
cussed. For this, a design problem is presented in the concept of
blockchain-based renewable energy micro-inputs. The benefits of
blockchain technology have been demonstrated in reducing default
risks. In this respect, they presented a type-2 fuzzy programming
model regarding the number, location, and duration of renewable
energy resources. In the review study presented by Ahl et al. [40],
the blockchain integrated energy networks are evaluated from five
angles. The blockchain concept has been analyzed with its tech-
nological, economic, social, environmental, and corporate di-
mensions in the proposed framework. A holistic perspective is
presented in this article, in which recommendations for future
studies are made for practitioners and academics. In another re-
view study, they presented a comprehensive analysis of the basic
principles offered by the blockchain for the energy sector. By
focusing on blockchain solutions in the energy sector, current cases
have been discussed, and the latest technological developments
have been revealed [12].
Pieroni et al. [22] handled the smart city concept in blockchain
integration and presented a conceptual framework. Mengelkamp
et al. [47] developed a blockchain-based simulation model proposal
in local energy markets. They propose a distributed energy trade
rather than a centralized market platform. Noor et al. [48] proposed
a study based on a game theory that would maximize the earnings
of both individual users and the holistic system. They discussed the
integration of blockchain technologies into the existing energy
systems to ensure payoff utility maximization. Pop et al. [49]
focused on the energy demand profiles of distributed energy pro-
ducers. By integrating the blockchain mechanism with IoT, they
presented a consumption model-based equilibrium approach. In
another study, blockchain integration into energy markets focused
on eliminating privacy issues [50].
On the other hand, Go
rski et al. [51] presented a study on
blockchain in electrical energy consumption and energy supply
chain management. They focus on the traceability feature of the
blockchain technology that addresses the automation of electricity
distribution. Wang et al. [52] argue that the blockchain system is
essential for energy network users to smooth energy trade. For this,
they have presented a sample prototype and case study. Zhu et al.
[53] discussed the advantages and disadvantages of blockchain
integration into the energy sector in China. Also, what kind of
implementation problems exist based on energy policies are
emphasized. Considering the presented studies, the integration of
blockchain into energy markets attracts the attention of re-
searchers. However, generally suggested approaches remain on a
framework basis, and studies on the challenges in transforming the
traditional centralized energy distribution systems of blockchain
are rare.
The circular economy is one of the concepts that support sus-
tainability in economic, social, and environmental dimensions.
There have been many studies on the circular economy in recent
years [54e56]. There are also some studies in the literature where
the blockchain is discussed over the concept of circular economy
[3,57]. However, few studies deal with the circular economy based
on blockchain in terms of the energy sector [58]. Shojaei et al. [59]
provide evidence that circular economy implementations can be
facilitated by blockchain technology. They have presented a model
and case study for this. Wang et al. [60] discussed the role of
blockchain in the circular supply chain management framework.
A. Yildizbasi
They propose that from a circular economy perspective, the
complexity of supply chains can be controlled by blockchain, and
improvements in circular economy performance can be achieved.
Rehman et al. [61] focused on organizational performance and
discussed the role of blockchain in CE implementations. Particu-
larly, the effect of blockchain on CE performance criteria in eco-
nomic and environmental aspects has been examined. Bekrar et al.
[62] focused on closed-loop supply chain processes for the digital
transformation process after COVID-19 from a blockchain
perspective. There are no studies in the literature regarding the CE
focus and blockchain integration in energy sector to the author's
knowledge. Besides, we prioritize the challenges encountered in
the energy market blockchain integration or digitalization process
in terms of the analytical framework. In this respect, we consider
that this study will make a different contribution to the literature.
For this purpose, this study comes to the fore with suggestions that
will eliminate the problems in technology transformation by
making important contributions to decision-makers.
3. Methodology
3.1. A framework for blockchain integration into the energy sector
under the circular economy context
3.1.1. Blockchain structure
Blockchain technology can be identified as storing protected
transactions using security mechanisms in decentralized distrib-
uted accounts. Blockchain is a digital ledger on which documents
and entries kept over a certain timestamp are recorded [25]. This
procedure is available to anyone and can be reviewed to ensure the
data's validity at any time. Moreover, it is also continually updated
via a peer-to-peer platform. People are named miners and held a
transaction log anytime a new transaction is made to monitor this
query to find the most suitable way to address anything. After the
transaction has been checked, it is attached as a block to the chain.
Then, each miner can change their ledger to check for anomalies in
transaction data. Blockchain is a dynamic distributed ledger
structure that theoretically requires many miners to hold records,
allowing the most productive information to the ledger [16]. If the
transaction has been checked, no one will modify the data. When
the blocks' validity is continually checked and monitored by the
miners, it is difficult to manipulate the mechanism by hacking at-
tacks. Miners cannot work together to change the data completely.
Within the event of any fraud, the person responsible shall be
dismissed from the network.
Even though blockchain technology is sometimes conceived of
as a cryptographic application, it may work without a crypto-
currency requirement. The blockchain mechanism holds the stored
data as log/day in blocks. Each block corresponds to the previous
block; thus, a connection is generated between the blocks such that
a blockchain structure is formed. Every block consists of encrypted
information, timestamp and activity records, and hashing functions
for the block header. Each client connected to and displaying the
blockchain technology in Fig. 2 can accept or decline updates to the
platform. If a transaction needs to be implemented, a query is sent
to the peer-to-peer system, transmitted throughout the system.
This order, signed by everyone, is attached to the blockchain system
and stored as a transaction. The concept that the mechanism is not
centralized and needs the consensus of a broad range of users en-
ables blockchain technology protection. The chain, which begins
with the first record-keeping, has a framework that will last
permanently. The mechanism of inserting data occurs at a single
phase, and all users participating in the chain would also update the
historical information within their systems. Clients that have
entered the system at a specific point in time create a code that can
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Renewable Energy 176 (2021) 183e197
then be introduced to the longest blockchain technically in the
system. The system can be considered the master chain. Each de-
vice data is stored in an all chain system.
In this context, blockchain technology's three basic features
make the use of this system advantageous. First of all, the fact that
the blockchain system is distributed ensures eliminating interme-
diary institutions and authority. Secondly, any change in the pro-
cess requires more than one person's approval and provides
multiple control, making the system more secure. Finally, with the
blockchain system's transparent and traceable structure, processes
can be controlled more clearly. The fact that products and actions
are traceable and visible to authorized persons provides a great
advantage in sustainability. Besides, storing and verifying infor-
mation increases the level of reliability.
3.1.2. Blockchain Technology's impact on energy management
Blockchain technology has many advantages in managing the
energy sector from a circular economy perspective and ensuring
sustainability. The mechanisms required in the transition from the
current linear economy model to the circular economy model are
fully compatible with the features such as security, visibility,
transparency, immutability, decentralization, the efficiency of the
blockchain. Blockchain technology can be applied to various sys-
tems related to the energy sector's functions and business pro-
cesses. When the current literature studies are examined, in the
energy field of potential applications; can easily recognize the
consumer energy models with the blockchains, smart contracts and
smart measurements, energy micropayments, payment platforms
for prepaid counters, machine learning, and artificial intelligence
techniques, and enable the supply of special and value-added en-
ergy products in sales and marketing. The current literature pre-
scribes possible implementations and features of the structures
that could be influenced, as summarized below:

Blockchains may boost the regulation of decentralized energy
networks and microgrids. The development of local energy
markets allowed by regional P2P energy exchange or distributed
networks could dramatically increase energy self-production
and self-consumption, known as meter operations, which
could theoretically impact profits and policies [47,63].

Blockchain-enabled decentralized trading networks could
threaten business operations such as market price management,
product trading, and risk mitigation. Blockchains networks are
now being introduced for transactions in renewable energy
certificates [47,52].

Cryptographic methods may be used to encrypt transactions
and protection. Blockchain may secure anonymity, authentica-
tion of data, and identity protection [64].

Unchangeable databases and consistent procedures can greatly
enhance audit and regulatory enforcement [65].

Smart contracts might theoretically automate and facilitate the
swapping of energy supplies. Improved business diversity could
promote competition and eventually decrease energy prices
[40].

Blockchain technology may provide networking mechanisms
for sharing services between different users, such as sharing EV
charging facilities, storage, or shared distributed resource stor-
age [66].

Blockchains can theoretically be used for networking, data
transfer, or storage of smart devices. Smart devices in the smart
grid include smart meters, automated sensors, network sur-
veillance equipment, monitoring, energy storage technologies,
and smart home energy controls, and building tracking systems.
Also, supporting safe data sharing, smart grid systems will
A. Yildizbasi
Fig. 2. Simplified overview of Blockchain System.
further benefit from blockchain technology's data standardiza-
tion [67].

Sales activities differ based on; the energy profile of customers,
personal priorities, and environmental considerations. Block-
chains, in conjunction with artificial intelligence (AI) techniques
such as the artificial neural network (ANN), the support vector
machine (SVM), can recognize the trends of energy use and thus
allow the supply of personalized and value-added energy goods
[22,49].

Blockchains may support information systems of network sys-
tems, scalable services, or investment management. Blockchain
technology might enable interconnected flexibility exchange
networks and leverage scalable capacity, which could otherwise
lead to costly network upgrades. As a result, blockchains could
also affect sales and service operations [48,68].

Blockchain technology can provide more transparent solutions
in the control of processes such as waste tracking and recyclable
products in energy production [69,70].
The rate of use of renewable energy resources will be higher in
the future. From the circular economy perspective, reusing mate-
rials expired from power plants through various stages is important
in ensuring environmental sustainability. Apart from this, features
such as the efficient distribution of the generated energy, the ability
to make personal energy source preferences, and the production
according to the estimated energy consumption, the reliable visi-
bility of the energy source used will be more transparent with the
integration of blockchain technology. Also, problems such as pre-
venting illegal energy use, fair pricing, and individual energy pro-
ducers' entry into the market will be overcome more easily with
digital, traceable, and proof of work technology.
3.1.3. Blockchain adoption to energy markets
Blockchain is one of the main technologies that come with In-
dustry 4.0 in many leading sectors such as health, logistics,
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Renewable Energy 176 (2021) 183e197
construction, manufacturing, and energy [71]. Its structure that
offers a distributed and decentralized system ensures the security
and immutability of information, accountability, and traceability.
Blockchain, a technology based on consensus, stands out as a
leading technology-based on information sharing by all stake-
holders and transparently recording information in distributed
ledgers [12]. It stands out with its new energy sector [20].
3.1.4. Smart grids and prosumer concept
Energy systems are expected to be distributed in the future.
Smart grids are forming with the support of distributed smart
sensors [72]. Smart grids have a dynamic structure, and energy
management parameters such as demand, forecasting, price, pro-
ductivity, and efficiency are constantly updated on this network
[47]. This technological development has contributed to a renewal
of energy policy, leading to a paradigm change in energy man-
agement. With the new energy paradigm, a system is evolving
where only some stakeholders in the consumer's position are also
producers, and an energy network designed with microgrids is also
being established. These users, who have just shifted from the
consumer's position to the position of the energy producer, are
called prosumers in the literature. This system, in which flexibility
increases, supply imbalances are minimized, renewable energy
supplies are addressed, and the prosumer's idea is implemented,
would have a market share of billions of dollars in the future.
Microgrids can be defined as the energy network structure
formed by energy stakeholders that determine their energy price
locally and are connected [73]. In the concept of renewable energy
generation and consumption, blockchain technology has features
that support this energy network structure. The general integration
process of blockchain technology into the energy distribution sys-
tem is presented in Fig. 3. Some of the consumer position stake-
holders become producers by moving to the prosumer position
with paradigm change and technological transformation. The
locally created network of the prosumers in Fig. 3 is called
A. Yildizbasi
Fig. 3. Difference Between Traditional and Blockchain-based Energy Distribution Systems: The left figure represents traditional energy distribution systems. There is a single-source
energy distribution in a hierarchical structure. Also, each layer is associated with the bank. In the system proposed on the right, the concept of prosumer emerges by eliminating
banks and retailers. Consumers are moving into producers, and a blockchain-based energy ecosystem is being created.
microgrids. These structures are expected to physically and virtu-
ally continue energy trading at various layers in the form of P2P
structures [72].
An energy management system based on the prosumer concept
supports the circular economy principles. Many authors have pre-
sented the concept of Prosumer and prosumption with different
definitions [74e76]. Some researchers refer to individuals or or-
ganizations in the proactive consumer role involved in business
process activities as prosumers [77]. In the energy sector, the pro-
sumer concept refers to the energy user who produces renewable
energy in the home environment and shares the excess energy with
the grid for commercial purposes. In the energy market, the pro-
sumer has the feature of generating and consuming energy and
distributing excess energy. Also, prosumers can use systems such as
home energy management systems, energy storage systems, elec-
tric vehicles, and vehicle-to-grid systems to integrate into the grid
efficiently, thanks to smart meters during power generation
[78e80]. Generally, users who produce and consume energy in the
network are called prosumers. When the fundamental differences
between prosumer-based smart grids and traditional grids are
examined, it shows that prosumers increase efficiency in energy
systems [81]. The efficient system is due to the minimization of
energy losses with smart devices and communication technologies
and the increase in the share of renewable energy sources in total
energy consumption [82e84]. In this way, the principle of sus-
tainability is adopted, especially in economic and environmental
terms. Circular plays a supportive role in sustainability from the
economic ecosystem. In this context, we can define the three main
contributions of prosumers in energy grids as follows:

Prosumer is one of the stakeholders operating in complex en-
ergy grids and manages sustainability and circularity in the
energy sharing process as an active participant.

Prosumer is also a big part of the digital energy ecosystem. In
addition to its contribution to energy production, it also plays an
active role in value creation (digitalization, innovation, etc.).

Prosumer guarantees flexibility in energy generation and con-
sumption programs as part of its decentralized structure in
energy grids.
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Renewable Energy 176 (2021) 183e197
It is seen that the prosumer concept has an important place in
terms of self-sufficiency for resources, green public procurement,
and private investments and job opportunities, which are among
the indicators of circular economy [55].
However, the implementation process of the prosumer concept
can only be achieved through the integration of technological and
financial processes. The prosumer energy network is an energy
network design based on the combination of applicable technolo-
gies in a circularity that makes citizens energy consumers and
energy producers [11]. There is a distributed energy management
structure in this context, and the energy distribution process has
become more complex. Besides, it is essential to ensure the secu-
rity, visibility, and traceability of this system. Blockchain technol-
ogy, together with the concept of prosumer, offers many
advantages in terms of the management of energy systems that
undergo a more radical change in energy grids. The integration of
blockchain into energy distribution systems with the prosumer
concept is explained in detail in the next section.
3.2. Blockchain effect on sustainability dimensions
3.2.1. Economic sustainability
Blockchain technology brings radical transformations in busi-
ness models and differentiation from traditional structures in
economic terms [85]. This difference will become more evident,
especially with the spread of microgrid networks. According to the
operation of P2P, new regulations and transaction mechanisms
should be defined in the energy markets [86]. With the transparent
and traceable structure offered by blockchain technology, real-
time, open, and flexible pricing and tariffs, an effective energy
market competition is emerging [87,88]. The financial aspect of the
circular economy is complemented by sharing profitability with
more people. The effect of the paradigm change that comes with
technological transformation in energy management on economic
sustainability will become more evident with introducing the
prosumer concept to more energy markets. The effects on domi-
nant energy markets will emerge with the inclusion of microgrid
structures with prosumer clusters [73].
A. Yildizbasi
Blockchain technology enables improved transaction efficiency
and time savings by eliminating central authorities and in-
termediaries such as banks. This reduces costs and increases eco-
nomic efficiency. With the help of information that can easily be
traced on the blockchain's distributed ledgers, smart contracts,
financial data, and all data related to the energy supply chain can be
evaluated quickly. Also, a simplified system is provided with data
standardized on similar blockchain platforms.
Prosumers can have different strategies based on energy pro-
duction and consumption data, market data, and market demand.
Blockchain technology provides a much better reflection of market
dynamics in terms of the effect of consumer energy resource
preferences, sales volumes, and market shares on energy prices.
Speculative movements affect energy markets more difficult in a
distributed system, record keeping, monitored, and transparent
[65,72].
Blockchain can bring economic benefits at the individual level in
terms of financial flexibility and sustainability, particularly with
consumers [89]. However, the fact that it is a newer technology has
yet unknown aspects of its effect on the energy market dynamics.
The response of energy market participants to blockchain tech-
nology and a distributed energy management system may differ.
Therefore, integrating blockchain technology into energy markets
and tackling the challenges in this process is important.
3.2.2. Environmental sustainability
The blockchain is expected to have many direct or indirect im-
pacts on environmental sustainability. Traceability, which is one of
the features of blockchain technology, can track greenhouse gas
emissions and provide an arrangement where environmental im-
pacts are considered [90]. In this context, accountability works
based on evidence and confirmatory mechanisms. Besides, trans-
parency and stability and more accurate sharing of data on envi-
ronmental impacts are ensured. Apart from this, real-time tracking
of materials or waste used in energy production and traceability of
recycling processes enables the used resources to be regained to the
economy [53]. It is possible to provide the circular economy's
environmental sustainability advantages with blockchain technol-
ogy [3].
The fact that microgrids are based on renewable energy and
working with P2P structures may reduce carbon emissions, climate
change related issues, and greenhouse gas emission [91]. The in-
crease in the number of prosumers meets the energy demand with
sustainable and distributed microgrid systems that directly comply
with environmental sustainability targets [92].
In addition to increasing the blockchain's environmentally
friendly energy resources with microgrids, it can also play an active
role in tracking recyclable products. A tracking mechanism is
required to bring the materials and equipment used in wind and
solar energy production back into use with a circular economy. The
lifecycle and failure indicators of the grids included in the block-
chain ecosystem can be easily monitored with a traceable structure.
With the blockchain-based conversion mechanism, it is possible to
reuse certain materials and equipment [3].
3.2.3. Social sustainability
The concept of social sustainability indicators cannot be
considered independent of the consequences of economic and
environmental impacts [93]. Blockchain-based energy grids also
offer significant potential in terms of social sustainability. Techno-
logical transformation naturally has a direct effect on social sus-
tainability. Prosumers integrated into P2P microgrids can work
with a social group interaction and business partner logic by being
more involved in energy management systems. More acceptance of
microgrids by society will positively affect the social phenomenon
189
Renewable Energy 176 (2021) 183e197
in the energy sector. Eliminating economic concerns with the
communication channels offered by the blockchain is one of the
biggest factors that pave the way for social development [40,94].
Environmental sustainability awareness has a positive effect on
social sustainability. Renewable energy usage preferences of energy
consumers and their ability to verify this with blockchain tech-
nology can strengthen social responsibility movements. As long as
the framework of social relations and norms includes environ-
mental awareness, the blockchain's multidimensional sustainabil-
ity effect will continue. The social and environmental dimension
has mostly played an active role in setting up financial processes
and developing new policies [95]. Also, it is thought that social
needs are the main factors driving technological transformations
[90].
The social reflections of the stakeholder effect are that people
gain their energy freedom with the concept of prosumer and
impact energy management. All stakeholders involved in the en-
ergy ecosystem represent the pluralistic approach of the social
sustainability concept. Blockchain technology-based P2P micro-
grid networks will spread the energy economy's intensity from a
single point to the base. The economic gain achieved by such people
brings along social welfare. Besides, the diversification of energy
sources and the increase in demand options positively affect prices.
Certain levels of price declines can be seen in energy prices and
many sectors affected by energy. With the widespread use of
microgrids, energy-dependent industries can be expected to offer
quality services at lower prices. This situation has a serious impact
on the purchasing power of the people. Purchasing power and wage
increases also clearly positively affect the social sustainability
dimension [44].
3.3. Interoperability challenges faced by blockchain technology
evaluation
3.3.1. Explanation of interoperability challenges
In addition to all these advantages of blockchain in the transi-
tion to a circular economy, there are some problems. One of these
problems is the integration of blockchain technology into existing
traditional information management systems. Technological
transformations cannot realize quickly due to various challenges.
These challenges may be due to various reasons, such as insufficient
technological infrastructure, bureaucracy, insufficient human re-
sources. Along similar lines, there are such problems in the inte-
gration of blockchain into energy management systems. This study
examines the challenges to the digital transformation that comes
with blockchain in the energy sector. In general, the challenges
against the realization of technological transformation presented in
Table 1:
In order to achieve technological transformation with the
blockchain, the various challenges specified should be eliminated.
The managerial effort is required for this. Also, the challenges
against digitalization should be prioritized, and senior manage-
ment should be positioned accordingly. This study focuses on
prioritizing the barriers that arise in the integration of blockchain
and energy management.
3.3.2. Evaluation of challenges with Pythagorean Fuzzy AHP
The proposed methodology consists of two parts. In the first
stage, the Pythagorean Fuzzy AHP method is used. This method was
chosen because there is no certainty between the importance of the
criteria. To eliminate the uncertainty, many methods have been
proposed in the literature, such as intuitionistic fuzzy sets [101],
Pythagorean fuzzy sets (PFSs) [102], neutrosophic fuzzy sets [103],
fuzzy orthopedic sets [104] spherical fuzzy sets [105] and their
extensions. Such methods aim to address uncertainty and clarify
A. Yildizbasi Renewable Energy 176 (2021) 183e197

Table 1
Blockchain implementation challenges and explanations.

Criterion Criterion Name Definition Reference

(C1) High development costs
(C2) Lack of experience with large-
scale applications
(C3) Lack of acceptance by firms
(C4) System scalability limits
(C5) High set up costs for
technological infrastructure
(C6) Lack of regulatory practice
(C7) Data storing and processing
costs
(C8) Lack of operational and
performance objectives
The implementation process of blockchain technology consists of many phases. These can be defined as design, [16,95,96]
development, deployment, migration, maintenance, and upgrade. The development cost required to manage a
large system such as the energy sector is quite high.
The energy supply chain includes many partners and activities that differ from each other. There may be difficulties [16,95,96]
with the experience of integrating blockchain technology into such a large supply chain. Besides, integrating all
blockchain technology dimensions into such large supply chains is emerging as a particular challenge.
The transparency, traceability, and distributed database that blockchain technology will bring with it can be seen as [95,97,98]
a problem by some partners in the energy sector with the idea that it will prevent competition
Blockchain technology's transaction speed is not sufficient compared to the current system (especially in pictures [16,95,99]
and full genomic data sets). While 7000 transactions are processed per second in a banking transaction, the average
number of transactions in the blockchain is 7.
A significant amount of software and hardware investment is required to successfully implement blockchain [95,100]
technology and retrieve real-time data. It is not easy for all partners in the network to bear such a cost.
Blockchain technology has emerged in recent years and is not yet fully implemented. For this reason, there are no [16]
clear and defined regulations regarding the problems and rules to be encountered during implementation. Besides,
Blockchain technology adoption may differ from one sector to another one.
The energy supply chain typically produces thousands of millions of participants, including prosumers, consumers, [97]
billing agents, energy partners, etc. It may bring a huge amount of data that are being stored in Blockchain. That
data also bring enormous cost together.
The fact that the technology is not yet fully mature, the performance outputs are not large enough, and the [95,96,97]
possibility of operationally unforeseen problems reduces the technology's acceptance in the sector.

uncertainty with a high level of reliability. procedure [112]:

In this study, Pythagorean fuzzy sets were considered to clarify n o
the uncertainty with high reliability and eliminate the uncertainty. ~
Py x; mp~ ðxÞ ; vp~ ðxÞ; x 2 X ; (1)
Usually, input data for real-case multi-criteria decision-making
(MCDM) problems are not precise. Intuitionistic fuzzy sets try to where mp~ ðxÞ : X/ ½0; 1 indicates the degree of membership and
overcome this uncertainty [106]. Such fuzzy sets can be expressed
vp~ ðxÞ : X/ ½0; 1 indicates the degree of non-membership of the
as membership function, non-membership function, and degree of
hesitancy. However, intuitionistic fuzzy sets cannot fully reflect the element x2X to P, respectively, and, for every x2X, the following
uncertainty in a situation where membership and non- holds:
membership degrees are greater than 1 [107]. In this context, we
integrate Pythagorean fuzzy sets with AHP and apply them in the 0  mp~ ðxÞ2 þ vp~ ðxÞ2  1: (2)
study. Also, the analytical hierarchy process method will be used for
The calculation of hesitancy degree is shown below;
criteria weighting. The reason for choosing the AHP method is due
to its advantages. Some of the reasons for using the Pythagorean qffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffi
fuzzy numbers and the AHP method are that it provides the op- mp~ ðxÞ ¼ 1  mp~ ðxÞ2  vp~ ðxÞ2 (3)
portunity to evaluate many criteria simultaneously, has an effective
Some of the operations of Pythagorean fuzzy numbers are
mechanism for in-group decisions, be easy to apply, and allows the
shown in Definition 2.
decision-maker to measure the degree of consistency of its judg-
Definition 2: Let b1 ¼ Pðmb1 ; vb1 Þ and b2 ¼ Pðmb2 ; vb2 Þ be two
ments [108]. The flowchart of the proposed evaluation approach is
presented in Fig. 4. Pythagorean fuzzy numbers, and l > 0, then the operations on these
two Pythagorean fuzzy numbers are indicated as follows [112];
qffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffi 
3.3.3. Preliminaries of Pythagorean Fuzzy sets b1 4 b2 ¼ P m2b þ m2b  m2b m2b ; vb1 vb2 ; (4)
1 2 1 2
Intuitionistic fuzzy sets, first proposed by Atanassov [106], have
been used by many researchers to eliminate the uncertainty. These  qffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffi 
sets consist of three definitions: membership functions, non- b1 4 b2 ¼ P mb1 mb2 ; v2b þ v2b  v2b v2b ; (5)
1 2 1 2
membership function, and hesitancy degree.
Although many sets can be utilized effectively in the decision- rffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffi
  
making process to handle uncertainty, There are other ways of lb1 ¼ P 1  1  m2b l ; ðvb1 Þl ; l > 0; (6)
1
uncertainty handling - “robust optimization”, “stochastic optimal
control”, “chance-constrained optimization”, “cloudy-fuzzy num- rffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffi
   
ber”, etc. [109e111]. However, for the problem addressed in this bl1 ¼ P ðmb1 Þl ; 1  1  v2b l ; l > 0; (7)
study, the uncertainty of the primary and secondary memberships 1

are reflected more efficiently by Pythagorean fuzzy sets.

Definition 3: Let b1 ¼ Pðmb1 ; vb1 Þ and b2 ¼ Pðmb2 ; vb2 Þ be two
The Pythagorean fuzzy analytical hierarchy process is described
PFNs, a nature quasi-ordering on the PFNs is introduced as follows
step by step in this section. P-FAHP is an extension of AHP designed
[112]:
to express the real case issues more properly. P-FAHP is designed to
b1  b2 if and only if mb1  mb2 and vb1  vb2 .
express real problems more accurately. If the degree of member-
To compare the hugeness of two PFNs, Zhang and Xu [112]
ship and non-membership is greater than 1, the Intuitionistic fuzzy
developed a score function as follows:
set fails to express uncertainty. To overcome this weakness, Yager
[107] proposed Pythagorean fuzzy sets.
sðb1 Þ ¼ ðmb1 Þ2  ðvb1 Þ2 (8)
Definition 1: A Pythagorean fuzzy set P ~ is an object having the

190
A. Yildizbasi Renewable Energy 176 (2021) 183e197

Fig. 4. Flowchart of the proposed evaluation process.

Definition 4: Based on the score functions described above, the

following laws are defined for the comparison of two PFNs [112]: 02 3 2
  n 
Y wj Y
n  wj
IVPFWG p~1 ; p
~ 2 ; …; p
~n ¼ @4 maj ;
L
maj 5; 4
U
(i) If sðb1 Þ < sðb2 Þ, then b1 < b2 ; j¼1 j¼1
(ii) If sðb1 Þ > sðb2 Þ, then b1 > b2 ; 31
(iii) If sðb1 Þ ¼ sðb2 Þ, then b1  b2 : n 
Y wj Yn  wj
 vLaj ; vU 5A; (9)
aj
j¼1 j¼1
Definition 5: As given in Eq. (9), interval-valued Pythagorean
fuzzy weighted geometric (IVPFWG) operator is employed in order
where n is represented the number of decision-makers, and
to aggregate interval-valued Pythagorean fuzzy numbers (IVPFNs),
P
n
into which the judgments of the decision makers are transformed: ~j with
wj ¼ ðw1 ; w2 ; …; wn ÞT be the weight vector of p wj ¼ 1
IVPFWG: P~ n /P,
~ where j¼1
[113].

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A. Yildizbasi Renewable Energy 176 (2021) 183e197

Definition 6: Then, using the Pythagorean fuzzy weighted before normalization using Eq. (16).
average operator, evaluations of the decision-makers are combined  
as presented in Eq. (10): SikL þ SikU
tik ¼ tik (16)
  2
~r ij ¼ PFWA ~r 1ij ; ~r 2ij ; …; ~r kij Step 6: The normalized priority weights wi is calculated by using
0vu
ffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffi 1 (10)
Eq. (17).
u Y l   2 wk Y l h iw
Pm
¼ @t1  A
k
1  ukij ; vkij k¼1 tik
k¼1 k¼1 wi ¼ P Pm (17)
m
t
i ¼ 1 k¼1 ik
where ~r kij ¼ ðukij ; vkij Þ is the Pythagorean fuzzy value given by
decision-maker k, on the evaluation of Ai in relation to Cj (i ¼ 1; 2;
: : :; m, j ¼ 1; 2; : : : ; n).
4. Results

Criteria for the challenges of blockchain technology trans-

3.3.4. Steps of Pythagorean Fuzzy AHP
formation in the energy sector have been obtained with experts’
The steps of Pythagorean fuzzy (P-FAHP) are presented in this
opinions and literature contributions. During the data collection
sub-section.
process for analysis, interviews were held with two IT experts in a
Step 1: Linguistic evaluation. The formula of compromised
company making energy investments and an academician with
pairwise comparison matrix R ¼ ðrik Þmm depends on the linguistic
valuable work on sustainability. Besides, the industry experience of
assessment of experts using a ruler projected by Ilbahar et al. [114]
the experts interviewed is ten years and more. Also, the specialist
in Table 2.
firms they work in are the leading companies that sustainable
Step 2: The difference matrices D ¼ ðdik Þmm are calculated us-
energy investments in Turkey.
ing Eqs. (11) and (12):
Pythagorean Fuzzy AHP approach has made it more compre-
hensive and beneficial for decision-makers to obtain the right so-
dikL ¼ m2ikL  v2ikU ; (11)
lution from implementing blockchain into energy management
activities challenges and solutions to overcome its barriers by
dikU ¼ m2ikU  v2ikL (12) prioritizing and ranking processes due to the difficulty of
comparing which one is more relevant than the other. A numerical
Step 3: Interval multiplicative matrix S ¼ ðsik Þmm is calculated example simulated this method to demonstrate the challenges
using Eqs. (13) and (14): when integrating blockchain. It also intended to provide advice and
pffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffi information to companies preparing to implement blockchain in
SikL ¼ 1000dikL ; (13) their energy production, energy distribution, and waste manage-
ment processes.
pffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffi
SikU ¼ 1000dik U (14) All the steps to determine the priority weights of the criteria
concerning the objects are shown below. The pairwise comparison
Step 4: The determinacy value t ¼ ðtik Þmn of the rik is matrix R ¼ ðrik Þmm is constructed with respect to the experts’
computed by utilizing Eq. (15): opinions given in Table 3.
    The linguistic evaluations were obtained from Table 3 using the
tik ¼ 1  m2ikU  m2ikL  v2ikU  v2ikL (15) scale given in Table 2. The pairwise comparison matrix is provided
in Table 4. Based on Table 4, the difference matrix D ¼ ðdik Þmm
Step 5: The determinacy degrees are multiplied with S ¼ between lower and upper values of the membership and non-
ðsik Þmm matrix for getting the matrix of weights, T ¼ ðtik Þmm membership functions is obtained using Eqs. (11) and (12).

Table 2
Weighting scale for P-FAHP method [114].

Pythagorean fuzzy numbers

Linguistic term The lower value of membership The upper value of membership The lower value of non-membership The upper value of non-membership
degree ðmL Þ degreeðmU Þ degree (vL Þ degree (vU Þ

Certainly low 0.00 0.00 0.90 1.00

important (CLI)
Very low important 0.10 0.20 0.80 0.90
(VLI)
Low important (LI) 0.20 0.35 0.65 0.80
Below average 0.35 0.45 0.55 0.65
important (BAI)
Average important (AI) 0.45 0.55 0.45 0.55
Above average 0.55 0.65 0.35 0.45
important (AAI)
High important (HI) 0.65 0.80 0.20 0.35
Very high important 0.80 0.90 0.10 0.20
(VHI)
Certainly high 0.90 1.00 0.00 0.00
important (CHI)
Exactly equal (EE) 0.1965 0.1965 0.1965 0.1965

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Table 3 Table 6
Linguistic evaluation matrix of criteria for the decision-makers’ opinion. The matrix of unnormalized weights.

C1 C2 C3 C4 C5 C6 C7 C8 C1 C2 C3 C4 C5 C6 C7 C8

C1 EI VHI AAI HI AI CHI HI VHI C1 1.00 9.52 9.52 3.77 1.00 1.00 3.77 9.52
C2 VLI EI LI BAI LI HI BAI AAI C2 0.08 1.00 0.17 0.17 0.17 3.77 3.77 3.77
C3 BAI HI EI AAI AI VHI AAI HI C3 3.77 3.77 1.00 1.00 1.00 9.52 9.52 3.77
C4 LI AAI BAI EI LI HI AI HI C4 0.17 0.17 0.17 1.00 0.17 3.77 1.00 3.77
C5 AI HI AI HI EI CHI AAI VHI C5 1.00 3.77 1.00 3.77 1.00 1.00 1.00 9.52
C6 CLI LI VLI LI CLI EI VLI BAI C6 9.52 0.17 0.08 0.17 0.17 1.00 0.08 0.08
C7 LI AAI BAI AI BAI VHI EI HI C7 0.17 0.17 0.17 1.00 1.00 9.52 1.00 3.77
C8 VLI BAI LI LI VLI AAI LI EI C8 0.08 0.08 0.17 0.17 0.08 0.08 0.17 1.00

Then, the interval multiplicative matrix S ¼ ðsik Þmm given in Table 7

Table 5 is calculated using Eqs. (13) and (14). The matrix of The priority weights of the challenges.

unnormalized weights T ¼ ðtik Þmm given in Table 6 is obtained C1 C2 C3 C4 C5 C6 C7 C8

using Eqs. (15) and (16). Finally, the priority weights of defined 0.265 0.087 0.226 0.069 0.150 0.076 0.114 0.012
challenges provided in Table 7 are calculated using Eq. (17).
The highest weighting value used to recognize the most sig-
nificant challenges that have been represented
As a result, it is not easy to integrate the traditional energy
C1 > C3 > C5 > C7 > C2 > C6 > C4 > C8 is presented in Table 7 and
market into the blockchain and standardize sustainable practices. It
Fig. 5 shows the weights of criteria. Accordingly, the highest cri-
is necessary to redesign existing technologies, physical in-
terion weight, “High development costs,” and the lowest criterion
frastructures, and processes. Also, awareness should be created in
weight were obtained as “Lack of operational and performance
social, legal, and environmental areas that can prevent the dis-
objectives” considering the opinions of decision-makers, it is seen
ruptions that may arise during the Blockchain's change process, and
that the biggest obstacles to technology transformation in energy
the required areas should be identified in advance. Energy needs an
with blockchain are related to unmature technology level that ef-
important infrastructure, especially based on the energy network
fect the performance outputs, and the possibility of operationally
structure. Appropriate studies should be carried out to ensure the
unforeseen problems reduces the technology's acceptance. In this
transfer of energy between individuals by applying smart grids and
case, it is possible to say that the increase in technology maturity
more advanced systems to support the use of renewable energy
level, infrastructure investments and the fact that the costs are at
resources more effectively.
affordable levels will increase blockchain technology adaptation
success. This situation will make it more possible for the energy
sector to ensure the circular economy and indirectly sustainability.

Table 4
Pairwise comparison matrix for the goal Rik .

C1 C2 C3 C4 C5 C6 C7 C8

C1 ½0:19; 0:19; ½0:19; ½0:8; 0:9; ½0:1; 0:2 ½0:55; 0:65; ½0:35; ½0:65; 0:8; ½0:2; 0:35 ½0:45; 0:55; ½0:45; ½0:9; 1; ½0; 0 ½0:65; 0:8; ½0:2; 0:35 ½0:8; 0:9; ½0:1; 0:2
0:19 0:45 0:55
C2 ½0:1; 0:2; ½0:8; 0:9 ½0:19; 0:19; ½0:19; ½0:2; 0:35; ½0:65; 0:8 ½0:35; 0:45; ½0:55; ½0:2; 0:35; ½0:65; 0:8 ½0:65; 0:8; ½0:2; 0:35 ½0:35; 0:45; ½0:55; ½0:55; 0:65; ½0:35;
0:19 0:65 0:65 0:45
C3 ½0:35; 0:45; ½0:55; ½0:65; 0:8; ½0:2; 0:35 ½0:19; 0:19; ½0:19; ½0:55; 0:65; ½0:35; ½0:45; 0:55; ½0:45; ½0:8; 0:9; ½0:1; 0:2 ½0:55; 0:65; ½0:35; ½0:65; 0:8; ½0:2; 0:35
0:65 0:19 0:45 0:55 0:45
C4 ½0:2; 0:35; ½0:65; 0:8 ½0:55; 0:65; ½0:35; ½0:35; 0:45; ½0:55; ½0:19; 0:19; ½0:19; ½0:2; 0:35; ½0:65; 0:8 ½0:65; 0:8; ½0:2; 0:35 ½0:45; 0:55; ½0:45; ½0:65; 0:8; ½0:2; 0:35
0:45 0:65 0:19 0:55
C5 ½0:45; 0:55; ½0:45; ½0:65; 0:8; ½0:2; 0:35 ½0:45; 0:55; ½0:45; ½0:65; 0:8; ½0:2; 0:35 ½0:19; 0:19; ½0:19; ½0:9; 1; ½0; 0 ½0:55; 0:65; ½0:35; ½0:8; 0:9; ½0:1; 0:2
0:55 0:55 0:19 0:45
C6 ½0; 0; ½0:9; 1 ½0:2; 0:35; ½0:65; 0:8 ½0:1; 0:2; ½0:8; 0:9 ½0:2; 0:35; ½0:65; 0:8 ½0; 0; ½0:9; 1 ½0:19; 0:19; ½0:19; ½0:1; 0:2; ½0:8; 0:9 ½0:35; 0:45; ½0:55;
0:19 0:65
C7 ½0:2; 0:35; ½0:65; 0:8 ½0:55; 0:65; ½0:35; ½0:35; 0:45; ½0:55; ½0:45; 0:55; ½0:45; ½0:35; 0:45; ½0:55; ½0:8; 0:9; ½0:1; 0:2 ½0:19; 0:19; ½0:19; ½0:65; 0:8; ½0:2; 0:35
0:45 0:65 0:55 0:65 0:19
C8 ½0:1; 0:2; ½0:8; 0:9 ½0:35; 0:45; ½0:55; ½0:2; 0:35; ½0:65; 0:8 ½0:2; 0:35; ½0:65; 0:8 ½0:1; 0:2; ½0:8; 0:9 ½0:55; 0:65; ½0:35; ½0:2; 0:35; ½0:65; 0:8 ½0:19; 0:19; ½0:19;
0:65 0:45 0:19

Table 5
Interval multiplicative matrix.

C1 C2 C3 C4 C5 C6 C7 C8

C1 1.00 1.00 7.94 15.85 7.94 15.85 2.82 7.94 1.00 1.00 1.00 1.00 2.82 7.94 7.94 15.85
C2 0.06 0.13 1.00 1.00 0.13 0.35 0.13 0.35 0.13 0.35 2.82 7.94 2.82 7.94 2.82 7.94
C3 2.82 7.94 2.82 7.94 1.00 1.00 1.00 1.00 1.00 1.00 7.94 15.85 7.94 15.85 2.82 7.94
C4 0.13 0.35 0.13 0.35 0.13 0.35 1.00 1.00 0.13 0.35 2.82 7.94 1.00 1.00 2.82 7.94
C5 1.00 1.00 2.82 7.94 1.00 1.00 2.82 7.94 1.00 1.00 1.00 1.00 1.00 1.00 7.94 15.85
C6 7.94 15.85 0.13 0.35 0.06 0.13 0.13 0.35 0.13 0.35 1.00 1.00 0.06 0.13 0.06 0.13
C7 0.13 0.35 0.13 0.35 0.13 0.35 1.00 1.00 1.00 1.00 7.94 15.85 1.00 1.00 2.82 7.94
C8 0.06 0.13 0.06 0.13 0.13 0.35 0.13 0.35 0.06 0.13 0.06 0.13 0.13 0.35 1.00 1.00

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A. Yildizbasi
Fig. 5. Criterion weights for challenges in blockchain energy sector integration.
5. Discussion and managerial implications
Most studies on the blockchain in the literature have an
opportunistic approach. In other words, it is thought that block-
chain technology may allocate a huge share for itself in the new
technology ecosystem. On the other hand, there are also pessimistic
approaches regarding the blockchain [94]. In other words, it is
argued that expectations for this technology are too high. However,
recommendations have been developed in various studies by
including the pessimistic approach in the blockchain imple-
mentation process [16,95]. In this study, specific and generalizable
suggestions for the energy sector are provided in terms of new
energy policies and sustainability.
Within the sustainability framework, as the energy demand
increases in the world, the tendency towards environmentally
friendly energy resources increases. For this reason, managerially
different energy policies are needed for climate change and man-
agement of resources. The decisions of senior management and
governments are also effective in achieving changes in energy
policies. In this study, where the energy sector's technological
transformation is discussed, a framework for the transition from
traditional energy systems to a blockchain-based system is pre-
sented. Additionally, challenges to technological transformation are
presented by prioritizing them with analytical methods. Never-
theless, realization of this policy change in energy depends on
taking necessary actions in management. In this context, the
following managerial implications may be provided:

Blockchain is still a new technology, and the number of
personnel trained in this technology is very low. It is necessary
to make education investments to increase the applicability of
this technology in energy. Human resource is one of the most
important issues to increase awareness of blockchain technol-
ogy and develop practical projects.

The blockchain system ensures that all stakeholders in the en-
ergy sector are together. For this, a new technology ecosystem
infrastructure is needed in the energy axis. All stakeholders in
the energy sector should be included in this ecosystem within
the blockchain system framework. Thus, the level of effective-
ness that comes with the use of blockchain technology will
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Renewable Energy 176 (2021) 183e197
increase. Top management should explain the requirements of
digital transformation to all stakeholders well.

Blockchain supports the concept of sustainable energy in many
ways. However, blockchain technology must be accompanied by
different technologies and concepts that come with industry 4.0.
The hybridization of tools such as IoT, 5G, Big Data, Machine
Learning with blockchain technology can transform the advan-
tages of blockchain in data processing and optimization pro-
cesses into a more effective energy management mechanism.

Financial, environmental and infrastructure problems are likely
to arise during the blockchain integration process. Considering
the importance of such problems, decision-makers should be
evaluated, and necessary measures should be taken. Providing
the necessary infrastructure investments for blockchain tech-
nology and supporting R&D studies will enable the blockchain
integration process to be overcome more easily. Besides,
blockchain technology needs to bring new regulations. Because
of the current financial functioning (via banks), information
flow and bureaucratic structure will undergo a radical change
with new technologies. Therefore, top management and poli-
cymakers should determine new rules and procedures.

The concept of prosumer in energy production should be pro-
moted by governments. Increasing the efficiency of distributed
energy grids, especially in terms of obtaining maximum benefit
from renewable energy sources, is only possible by increasing
the number of people with prosumers. By giving incentives in
this regard, the dynamism of the energy market can be
increased and the complexity that may arise can be eliminated
by blockchain technology.
6. Conclusion
In recent years, the effects of climate change, economic bottle-
necks and social difficulties have forced policymakers and aca-
demics to come up with new ideas. In this context, sustainability
and the circular economy are at the forefront of concepts and
among the most interesting topics in the current literature in recent
years. This study's main purpose is to reveal the economic, envi-
ronmental and social dimensions of a technological transformation
A. Yildizbasi
that will take place in sustainable energy models. In the first part of
the study, the advantages of energy and blockchain integration
were mentioned. The effect of the blockchain on new energy pol-
icies was evaluated. Then, the sustainability dimensions of systems
consisting of P2P-based microgrid structures were analyzed. Chal-
lenges in the blockchain's adaptation process to distributed and
renewable energy systems were also considered, and problems
against technological transformation were prioritized with the
Fuzzy Pythagorean AHP method. Then, the study was supported by
managerial implications.
In summary, it was observed that investment costs and tech-
nological infrastructure are the greatest obstacles in integrating the
€
blockchain into energy management. Saberi et al. [95] and Oztürk
and Yildizbasi [16] achieved basically similar results for different
sectors.
The proposed framework and evaluation methodology have
some limitations and may be extended in several directions. First,
the proposed model only considers general perspectives. However,
energy distribution and management systems have a very complex
structure, and energy pricing is another issue that needs to be
addressed separately. Details such as how banks and intermediaries
differentiate from traditional systems with digitalization, in what
framework new roles will be assumed and the effects of blockchain
technology on these points may be a source of inspiration for future
studies. Moreover, the results may be compared using new
methods and the multi-criteria decision-making methods used in
this study. A more comprehensive and deeper analysis may be
performed by expanding the work with different risks and barriers.
The sustainability dimensions in blockchain energy implementa-
tion may be examined in more depth, and comprehensive frame-
works may be presented. In this context, country-based evaluations
may be made by making new sub-criteria definitions for adaptation
criteria.
Declaration of competing interest
The authors declare that they have no known competing
financial interests or personal relationships that could have
appeared to influence the work reported in this paper.
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