Decentralized Energy To Power Rural Homes Through Smart Contracts And Carbon Credit

Abstract

Blockchain, a revolutionary technology is a buzzword and has gained huge popularity and attention. Blockchain creates an immutable chain of transaction blocks without the intervention of a trusted third party that enables secured trustless environments. Distributed ledger technology such as blockchain has drawn significant interest from government agencies, financial institutions, start-ups, technology enthusiastic, financial institutions, and the academic and research community. This technology can support a wide range of applications from identity management to IoT applications. The energy industry has been consistently catalyzed by innovations like decarbonization, decentralization, and digitization. With numerous organizations developing low-cost renewable energy revolution like solar powers, wind energy, and Energy as a service, our proposed solution would ease the demand for energy supply in rural areas by combining blockchain and IoT. To address the growing demand of the rural electrifying process we propose a Distributed Application (DApp) that can securely record the ownership and consumption of energy generated through solar panels connected through an IoT device. This DApp empowers rural energy supply trading without grids and has the potential to improve the incentives to utility providers by offering carbon credits or renewable energy certificates thus attracting investors.