Ever since the invention of Bitcoin by the pseudonymous Satashi
Nakamoto, cryptocurrency has provoked debate in banking and finance
sectors, and is sometimes considered a potential successor to fiat
currency. Blockchain, the new technology underpinning decentralised and
immutable databases, has seen much discussion as a potentially
game-changing development. Although many industries are exploring its
value, the technology has thus far made only minor impacts. A rapidly
expanding base of research has emerged on blockchain's role as a
potential disruptor in the electrical energy industry. However, it may
be difficult to distinguish hype from more imminently plausible impacts.
This paper attempts to serve as a guide for engineering management
wishing to make sense of blockchain's potential in electricity. This is
accomplished by formulating a novel blockchain industry disruption
framework, which exists across three tiers. These tiers extend from
ideas with the least effect on an industry to total revolutionary
concepts that could completely transform an industry. This taxonomy is
constructed by examining existing research into disruption hierarchies
and blockchain classification methods. Through the lens of this
taxonomy, a literature review is performed on blockchain's role in
energy to draw out themes and ideas characterising each tier. The
potential likelihood of real-world application of various ideas are
discussed, giving consideration to how established industries may be
affected or disrupted. The authors provide some conjecture here.
Finally, courses of action are suggested for those whose sector may be
affected by blockchain.