The Relationship between Renewable Energy and Blockchain as a Sustainable Technology Tool

Cristian Bogdan Onete, Sonia Budz (), Ioana Bucur-Teodorescu, Sandra Diana Chita, Stefan Sava and Constantin Bucur
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Cristian Bogdan Onete: Bucharest University of Economic Studies, Romania
Sonia Budz: Bucharest University of Economic Studies, Romania
Ioana Bucur-Teodorescu: Bucharest University of Economic Studies, Romania
Sandra Diana Chita: Bucharest University of Economic Studies, Romania
Stefan Sava: Bucharest University of Economic Studies, Romania
Constantin Bucur: Titu Maiorescu University, Bucharest, Romania

The AMFITEATRU ECONOMIC journal, 2023, vol. 25, issue 64, 919

Abstract: The European Union is accelerating its transition to energy independence by 2030 in response to new geopolitical realities. This study aims to demonstrate the advantages of blockchain technology for the energy sector and how renewable sources themselves may lower costs and generate significant amounts of electricity. These networks encourage the use of renewable energy sources in place of conventional ones and enable sustainable consumption reduction at the same time. The paper demonstrates how blockchain may connect to renewable energy sources, most often solar and wind, to grow this industry in a sustainable way. New technologies like blockchain have sparked the emergence of contemporary forms of trade and consumption. The collaborative and circular economies represent a nexus of economic, technological, and socio-cultural phenomena brought about by technological advancements and economic disruption. Blockchain technology offers a wide range of non-financial applications, and its use is acknowledged as a brand-new opportunity for sustainability and energy. The goal of this study is to clarify the relationship between the two and determine whether blockchain technology can be sustainable for the development of the energy market. The paper is addressed to all parties involved in the energy, blockchain, and sustainability industries.

Keywords: renewable energy; blockchain; sustainability (search for similar items in EconPapers)
JEL-codes: D16 O44 Q20 Q40 Q55 (search for similar items in EconPapers)
Date: 2023
References: View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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