STRICTs: A Blockchain-enabled Smart Emission Cap Restrictive and Carbon Permit Trading System

Youshui Lu, Yue Li, Xiaojun Tang, Bowei Cai, Hua Wang, Lei Liu, Shaohua Wan and Keping Yu

Applied Energy, 2022, vol. 313, issue C, No S0306261922002355

Abstract: As the first legally binding global agreement on climate change, the Paris Agreement aims to limit long-term global warming to less than 2 °C, preferably below 1.5 °C compared to pre-industrial levels. Road transport, as one of the primary sources of energy consumption and carbon emissions, has great potential for energy conservation and emission reduction in achieving the climate goals. However, current approaches cannot efficiently reduce road travel, making it challenging to decarbonize in the transport sector. Therefore, in this paper, we propose STRICTs, a blockchain-enabled motor vehicle restrictive and trading system based on the carbon emissions cap. STRICTs allows automated carbon emission auditing and carbon emission violation punishment without relying on third-party escrow. Through a decentralized enforcer, STRICTs also enables carbon permit trading reliably and transparently. Finally, we implement a proof-of-concept prototype of the system based on Hyperledger Fabric and conduct experiments for comprehensive performance evaluation through CO2 Emission by Vehicles dataset. The experiment results show the practically affordable performance of STRICTs.

Keywords: Blockchain; Carbon permit; Carbon footprint; Transportation; Internet of vehicles; Carbon trading; Auditing (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0306261922002355
Full text for ScienceDirect subscribers only

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:eee:appene:v:313:y:2022:i:c:s0306261922002355

Ordering information: This journal article can be ordered from
http://www.elsevier.com/wps/find/journaldescription.cws_home/405891/bibliographic
http://www.elsevier. ... 405891/bibliographic

DOI: 10.1016/j.apenergy.2022.118787

Access Statistics for this article

Applied Energy is currently edited by J. Yan

More articles in Applied Energy from Elsevier
Bibliographic data for series maintained by Catherine Liu ().