Potential of Integrating Blockchain Technology into Smart City of Stavanger

Abstract

Our world today is experiencing a period of intense pressure to make the transition to renewable energies and reduce our footprint on our home planet. The Paris Agreement is one way in which dedication has been made to mitigate climate change and keep our global temperatures at a comfortable level. However, it has been of great importance to continue the search to find solutions that further impact environmental sustainability. With that being said, the purpose and aim of this study is to evaluate the potential of integrating a blockchain based peer-

to-peer energy trading platform utilizing microgrids into the Smart City of Stavanger, Norway initiative. This thesis explores the complexities of the innovation and the effect on the adoption process as well as potential barriers that may present themselves through the establishment and operation of such a system. The overall objective is to assess whether Norway, one of the energy hubs of the world, can make such a concept a reality as other countries have only completed pilot projects, proving that the technology works and is effective. The findings of this study were not completely in line with the initial hypothesis, considering even though Norway is very responsive to new innovations, there are a lot of internal struggles as well as regulatory and industrial barriers that will take quite some time to overcome.