Blockchain green technology
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Blockchain green technology
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Content:
- Blockchain in energy
- Is Blockchain the Future of Green Business Certification?
- Blockchain for green energy
- Can Crypto Go Green? How to Invest in Eco-Friendly Cryptocurrencies
- Impact of blockchain technology on green supply chain practices: evidence from emerging economy
- Blockchain Grid
- Using blockchain to better manage renewable electricity
Blockchain in energy
Several renewable energy certificate RECs applications point out that the blockchain technology can be useful in ensuring the traceability and transparency of transactions, despite some barriers to its implementation, such as the legal and market development. However, it is not clear how the organizational positioning, in relation to its given market, influences the artifact developed.
In this study, through design science research DSR and case study methodology, we structure the problem space of two different positioned organizations in the sustainability field, with blockchain-based applications to produce and trade RECs.
We find out that: a the position of the organization in relation to other stakeholders changes the behavior of the technology adoption; b the technological solution preceded the perception of the problem; c organizations create different representations of the artifact for each stakeholder. We suggest other studies to deepen these findings in order to better develop theories that explain how organizations see their problem when developing technological solutions while using DSR.
Keywords: blockchain; design science research; renewable energy certificates; energy. The need to limit global warming to even 1. When GHG emissions from electricity and heat production are attributed to the final consumer sectors i. Besides decarbonization, i. How decarbonization, digitalization and decentralization are changing key power infrastructures.
Renewable and Sustainable Energy Reviews, 93, In energy markets, it is impossible for consumers to distinguish between the consumption of renewable energy RE and non-renewable energy. Performance of markets for European renewable energy certificates. Energy Policy, , Renewable energy policies and cross-border investment: Evidence from mergers and acquisitions in solar and wind energy.
Renewable energy certificates: A patchwork approach to deploying clean technologies. Blockchain was initially identified as the technology used in Bitcoin cryptocurrency Nakamoto, Nakamoto, S. Re: Bitcoin P2P e-cash paper. Satoshi Nakamoto Institute. A review of the applications of the blockchain technology in smart devices and distributed renewable energy grids. However, in the last five years, the interest in blockchain application has grown in different areas, including sustainability applied to the energy sector.
Blockchain applications - usage in different domains. IEEE Access, 7, Blockchain applications in supply chains, transport and logistics: A systematic review of the literature. International Journal of Production Research, 58 7 , Blockchain for power systems: Current trends and future applications. Renewable and Sustainable Energy Reviews, , Cryptocurrency as guarantees of origin: Simulating a green certificate market with the Ethereum Blockchain.
Individual green certificates on blockchain: A simulation approach. Sustainability, 12 9 , Use cases for blockchain in the energy industry opportunities of emerging business models and related risks. It is not clear in the literature, however, how organizational positioning in a given market sustainability and RECs , influences the implementation of blockchain and the artifact developed. Conceptualization of the problem space in design science research.
Tulu, S. Djamasbi, G. Leroy Eds. Lecture Notes in Computer Science Vol. Cham: Springer. Blockchain and the future of energy. Technology in Society, 57, Considering the decarbonization commitments assumed by countries under the Paris Agreement, and by companies on a voluntary basis or in response to regulation, the high share of RES in the Brazilian energy matrix makes the country a player with great potential in the global RECs market.
At the same time, members of the energy supply chain might benefit from blockchain technology applied to RECs issued in Brazil to attract new participants and turn this market more efficient.
By studying the relationship between organizational positioning and blockchain technology, we hope that these findings can guide entrepreneurs in the energy sector in the process of thinking about their business models and its relationship to technological development.
Sustainability became one of the key objectives of energy policy and an important driver of innovation in the energy sector. New energy paradigm and renewable energy: Turkey's vision. Insight Turkey, 12 3 , Energy systems are undergoing rapid changes to be able to accommodate the increasing volumes of embedded RE generation. RES went through massive development enabled by the unbundling of the energy sector and privatizations, boosted by international and national energy policy initiatives and financial incentives Andoni et al.
Blockchain technology in the energy sector: A systematic review of challenges and opportunities. This scenario leads the energy sector to undergo a far-reaching shift toward decarbonization of energy generation, decentralization of energy supply, allowing increased customer participation and demanding innovation at the distribution level, and digitalization of energy trading, based on by peer-to-peer and transparent transactions.
Blockchain technologies play an important role in this changing scenario. Andoni et al. Thought an analysis of blockchain applications in the energy sector, they identified eight categories of blockchain applications for energy applications: a metering, billing, and security; b cryptocurrencies, tokens, and investment; c decentralized energy trading; d green certificates, including RECs, and carbon trading; e grid management; f internet of things IoT , smart devices, automation, and asset management; g electric e-mobility; and h general purpose initiatives developing underpinning technology.
Blockchain applications expand the possibilities of solutions and applications to be implemented in the energy sector, and indicate that this technology can bring benefits to energy system operations, markets, consumers, allowing disintermediation, increasing transparency, and empowering consumers and small RE producers.
A systematic analysis of real-world energy blockchain initiatives. Future Internet, 11 8 , Analysis by Andoni et al. Analyzing some of these applications, some authors are already able to identify the main groups and objectives of blockchain adoption. Brilliantova and Thurner Brilliantova, V. The energy trade using blockchain-based applications, with increased traceability and transparency, facilitates P2P RE trading among suppliers and consumers Pournader et al.
Silvestre et al. The adoption of blockchain energy applications is not exactly dependent on technological limitations, but the development of the energy industry. Meeting emissions limits while improving efficiency. MTZ worldwide, 81 4 , In energy markets, it is impossible for consumers to distinguish between the consumption of RE and non-renewable energy. The energy production often occurs far from consumers and in the electricity grid the distributed energy mixes both sources, which may cause the problem of information asymmetry, leading consumers with low-carbon energy preferences to buy less or none RE.
RECs, a market-based policy instrument, were introduced in energy markets to address this information asymmetry, enabling consumers businesses or individuals to make better decisions and encouraging the production of RE Hulshof et al. Renewable energy certificates RECs in India - a performance analysis and future outlook.
Renewable and Sustainable Energy Reviews, 27, Systems may differ in architecture, but each member state has a GO issuing body in charge of implementing it. In the United States and Canada, RECs are supported by different levels of government, regional electricity transmission authorities, and non-governmental organizations, but the certification is completely entrusted to private organizations.
Ten regional electronic REC tracking systems ensure that each REC is counted only once by assigning a unique serial number to each MWh of renewable electricity generation Hulshof et al. The I-REC Standard Foundation, a non-profit organization headquartered in the Netherlands, provides the tracking standard to be used around the world.
The relationship between electricity emission factor and renewable energy certificate: The free rider and outsider effect. Sustainable Environment Research, 28 6 , Once the data recorded in the blockchain cannot be tampered privately, blockchain technology can improve the trade of RECs by increasing transparency and efficiency in this market ensuring that each unit of RE produced in the electric system can be traced back and is taken into account only once Gacitua et al.
A comprehensive review on expansion planning: Models and tools for energy policy analysis. Renewable and Sustainable Energy Reviews, 98, How to improve the competiveness of distributed energy resources in China with blockchain technology. Technological Forecasting and Social Change, , The green blockchain: Managing decentralized energy production and consumption. Applied Energy, , Renewable energy certificate markets: Blockchain applied.
Once the power system sector might involve several authorities e. Blockchain applications in RECs are incremental innovations from a regulatory point of view, since they can be introduced in the current legal framework or require minor adjustments. Regulating blockchain for sustainability? The critical relationship between digital innovation, regulation, and electricity governance. The authors conclude that the Ethereum blockchain lowers the operational costs of developing a market platform.
Thus, prosumers and consumers can enter the market without a big investment. Code optimization can still lower transitional costs; however, the volatility of gas and ether prices imposes uncertainty.
Zhao, Guo, and Chan Zhao, F. They found out that the higher percentage of RE on the market, the more residents are willing to participate in trading RECs. The simulation of the I-Green also shows that improvements can be made on the consensus mechanisms, as the authors developed their proof-of-green protocol, which improved the market liquidity compared to traditional protocols like proof of work PoW and proof of stake PoS.
Through this collection of cases in the literature, we can identify how the application areas of blockchain in sustainability are distributed, pointing out that the REC applications are still in an early stage of development Andoni et al. In addition, a third group is studying the consequences of blockchain implementation in a defined context Burer et al. Due to the early stage of blockchain development and its applications in RECs, we have chosen to use DSR as a way to evaluate these solutions and produce knowledge about the challenges of their application context.
Case study is a method suitable for studying real life situations as detailed situations, especially when there are complex issues and there is little prior theory or empirical evidence Eisenhardt, Eisenhardt, K. Building theories from case study research. Academy of Management Review, 14 4 ,
Is Blockchain the Future of Green Business Certification?
When Tesla chief Elon Musk said that the electric carmaker will no longer accept bitcoin as payment for vehicles, its value plummeted. Musk said he was concerned over the impact that cryptocurrency is having on the environment. But are there any eco-friendly alternatives? Want to know more about bitcoin? Read our Should you invest in bitcoin?
Blockchain for green energy
Using Perpetual's expertise and knowledge of environmentally friendly technology we are developing low cost, environmentally responsible energy solutions for powering large scale blockchain mining operations. The use of blockchain technology is growing at a rapid rate, leading to soaring energy consumption. Blockchain technology is secured and maintained by a vast network of globally distributed computers Miners to solve increasingly-complex computational problems. It is imperative that we harness clean-energy technologies to fuel the consumption needs of the growing blockchain ecosystem. Cryptocurrency is an encrypted decentralized digital currency. Mining is the process of confirming cryptocurrency transactions and adding them to the public ledger blockchain. The Blockchain is a distributed, cryptographically signed public ledger that stores transaction data across multiple computers nodes. Blockchain Miners are the backbone of the cryptocurrency network. Cost effective blockchain mining is highly dependent on efficient energy sources and infrastructure.
Can Crypto Go Green? How to Invest in Eco-Friendly Cryptocurrencies
Despite the increasing awareness of the potential environmental impact of Proof of Work blockchains, and the opportunity presented by Proof of Stake in this regard, the differences in the environmental impact of various PoS systems are not fully understood. This paper seeks to shed light on the energy consumption of some of the most important DLTs in the space. Despite the increasing opportunity for digitisation and looming disruption, currently, application areas and progress of DLT adoption in this area are not well understood. This report seeks to shed light on where DLT is being applied functionally in global physical supply chains and within certain sectors. This study fills a gap in the literature by developing a model to compare different configurations of Proof-of-Stake consensus mechanisms in various DLTs such as Ethereum 2.
Impact of blockchain technology on green supply chain practices: evidence from emerging economy
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Blockchain Grid
Digital technologies, such as artificial intelligence, internet of things and blockchain , can play a key role in creating a more sustainable and resilient low-carbon energy system. Blockchain provides a new way of sharing information. Think of it as a decentralised digital ledger that records transactions and stores information, from financial transactions to medical records and assets like property. Traditionally, transactional information is stored in one central ledger or database. A blockchain is a ledger too, but one that stores data in encrypted blocks, across a distributed network of computers. No single party controls the blockchain. Security comes from knowing that the computers on the network must validate any new transaction. This creates a transparent, tamper proof record of transactions and data.
Using blockchain to better manage renewable electricity
Many people in Canada consume energy, but few produce their own. The current system of energy distribution does not encourage small-time producers, like homeowners who install solar panels. Instead larger companies profit almost exclusively.
To sign up to receive each new issue in your inbox, click here. Blockchain technology has long been touted as a solution for many problems that businesses, and entire industries, face, with many organisations pursuing a variety of use cases. The way blockchain works, however, has genuine downsides in terms of energy consumption, and its rise in popularity comes at a time businesses are actively considering the environmental impact of their operations. Bitcoin, the most widely-known application of blockchain, has gained infamy for its less than impeccable green credentials. This is a figure greater than the total consumption of the Philippines
Spanish multinational Acciona has developed the first platform to guarantee the renewable origin of green hydrogen. The new platform, GreenH2chain, is aimed to enable customers from anywhere in the world to verify and visualise the entire green hydrogen value chain in real time. The blockchain based solution will allow renewable hydrogen consumers to quantify, record and monitor the decarbonisation process of their own energy supply and to verify the transportation and delivery process. In addition, the solution provides all the necessary information on hydrogen consumption itself as well as data for calculating the carbon dioxide emissions that are avoided with its use. GreenH2chain was developed with energy software startup FlexiDAO and will be implemented in the Green Hysland project, which is developing a green hydrogen infrastructure on the Balearic island of Mallorca.
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