Blockchain-based Marketplaces for Crowdsourcing Renewable Energy Forecasting

In line with the ambitious goal of net-zero carbon emission, the deployment of renewable energy sources is accelerating rapidly in the power sector. However, the energy production of these renewable sources, such as wind and solar, is volatile due to changes in weather conditions. This issue impacts the reliable planning and operation of these energy sources in the power systems. Therefore, accurate forecasting methods are essential for the proper usage of renewable sources. This piece explores how blockchain technology can be employed to implement crowdsourced platforms for renewable energy forecasting where participants are incentivised to provide truthful information. The main application, which is the focus of this work, is the blockchain-hosted prediction markets. Other platforms, including data markets, as well as the possibility of the integration with the internet of things are also mentioned. All these kinds of platforms benefit from access to massive and diverse sources of information which improve the quality of renewable energy forecasting.