Advances in Blockchain Integration for Transparent Renewable Energy Supply Chains

Ekene Cynthia Onukwulu, Mercy Odochi Agho, Nsisong Louis Eyo-Udo, Aumbur Kwaghter Sule and Chima Azubuike
Additional contact information
Ekene Cynthia Onukwulu: Kent Business School, University of Kent, UK
Mercy Odochi Agho: Independent Researcher, Port Harcourt Nigeria
Nsisong Louis Eyo-Udo: Independent Researcher, Lagos Nigeria
Aumbur Kwaghter Sule: Independent Researcher, Abuja, Nigeria
Chima Azubuike: Guaranty Trust Bank (Nigeria) Limited

International Journal of Research and Innovation in Applied Science, 2024, vol. 9, issue 12, 688-714

Abstract: The integration of blockchain technology in renewable energy supply chains represents a transformative advancement towards enhancing transparency, efficiency, and trust. This paper explores the pivotal role of blockchain in addressing key challenges within renewable energy systems, such as data integrity, traceability, and stakeholder collaboration. By providing a decentralized ledger that records transactions in an immutable manner, blockchain facilitates real-time tracking of energy production, distribution, and consumption, thus ensuring that renewable energy sources are accurately accounted for and incentivized. One significant application of blockchain is in the implementation of smart contracts, which automate transactions between producers, consumers, and intermediaries. This not only reduces administrative costs but also minimizes the potential for fraud and discrepancies in energy trading. Furthermore, blockchain empowers consumers by enabling peer-to-peer energy trading, allowing individuals to buy and sell excess energy directly, thus promoting decentralized energy models and enhancing grid resilience. Additionally, the use of blockchain enhances transparency in the certification of renewable energy attributes, such as Renewable Energy Certificates (RECs). By ensuring that these certificates are securely tracked and verified, blockchain mitigates the risk of double counting and promotes accountability among stakeholders. This fosters greater confidence in the renewable energy market, attracting investment and facilitating regulatory compliance. The paper also discusses case studies that highlight successful blockchain implementations in various renewable energy projects worldwide. These examples demonstrate the tangible benefits of blockchain integration, including improved operational efficiencies, reduced transaction costs, and enhanced stakeholder engagement. In conclusion, the advances in blockchain technology offer significant opportunities for revolutionizing renewable energy supply chains by providing unprecedented levels of transparency and traceability. As the demand for sustainable energy solutions continues to grow, leveraging blockchain will be essential for driving innovation, ensuring compliance, and fostering collaboration across the renewable energy ecosystem. Future research should focus on overcoming technical and regulatory challenges to facilitate broader adoption of blockchain solutions in renewable energy supply chains.

Date: 2024
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.rsisinternational.org/journals/ijrias/ ... issue-12/688-714.pdf (application/pdf)
https://rsisinternational.org/journals/ijrias/arti ... nergy-supply-chains/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bjf:journl:v:9:y:2024:i:12:p:688-714

Access Statistics for this article

International Journal of Research and Innovation in Applied Science is currently edited by Dr. Renu Malsaria

More articles in International Journal of Research and Innovation in Applied Science from International Journal of Research and Innovation in Applied Science (IJRIAS)
Bibliographic data for series maintained by Dr. Renu Malsaria ().