Individual Green Certificates on Blockchain: A Simulation Approach

Fangyuan Zhao, Xin Guo and Wai Kin (Victor) Chan
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Fangyuan Zhao: Tsinghua-Berkeley Shenzhen Institute, Tsinghua University, Shenzhen 518055, China
Xin Guo: Department of Industrial Engineering and Operations Research, University of California, Berkeley, CA 94720, USA
Wai Kin (Victor) Chan: Tsinghua-Berkeley Shenzhen Institute, Tsinghua University, Shenzhen 518055, China

Sustainability, 2020, vol. 12, issue 9, 1-32

Abstract: Distributed renewable energy offers an exciting opportunity for sustainable transition and climate change mitigation. However, it is overlooked in most of the conventional tradable green certificates programs. Blockchain shows an advantage of incorporating a galaxy of distributed prosumers in a transparent and low-cost manner. This paper proposes I-Green, a blockchain-based individual green certificates system for promoting voluntary adoption of distributed renewable energy. Combing the features of blockchain technology and the theories of social norm and peer effects, the novel green ratio incentive scheme and proof of generation consensus protocol are designed for I-Green. A blockchain simulator is constructed to evaluate the effectiveness and efficiency of I-Green system. The simulation results present its potential for facilitating widespread adoption of distributed generation, and confirm the feasibility of blockchain as the information communication technology (ICT).

Keywords: blockchain simulation; incentive mechanism; consensus protocol; distributed energy; green certificates (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7)

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