Recently, special attention has been brought to blockchain-based platforms for the development of decentralized Smart Grid applications. The scope of this paper is first to review the state-of-the-art assessing the effectiveness of applying blockchain as a vehicle for the decentralization of the energy market and afterwards, to design a simplified decentralized transactive application and investigate its applicability through simulations, focusing on the Ethereum blockchain protocol. The results support the applicability of blockchain in automating electricity supply contracting under the concept of decentralized markets.