Blockchain-enabled energy markets in emerging economies: a conceptual framework for efficiency, inclusion, and sustainability

Abstract

Blockchain can transform emerging energy markets through decentralised transactions, peer-to-peer trading, smart contracts, and renewable-energy tokenisation. However, knowledge remains fragmented across technology, economics, digital finance, and public policy. This conceptual paper develops an integrated framework explaining how blockchain-enabled energy markets may improve efficiency, financial inclusion, energy access, and environmental sustainability. The framework is developed through a structured synthesis of interdisciplinary academic literature, institutional reports, and documented applications, informed by transaction cost economics, institutional theory, and diffusion of innovation theory. The analysis suggests that blockchain may reduce transaction costs, improve price discovery, broaden market participation, and support renewable-energy integration. However, these outcomes depend on regulatory clarity, institutional capacity, digital infrastructure, and technological readiness. Emerging economies should establish adaptive regulations, regulatory sandboxes, public–private pilot projects and supporting infrastructure. Policymakers should develop adaptive regulations, establish regulatory sandboxes, and invest in digital and decentralised energy infrastructure to support inclusive blockchain adoption.