Tokenization of RECs Using Ethereum Blockchain

Abstract

Contributing significantly to the accomplishment of renewable energy goals and the overall decrease in carbon emissions, this is crucial in verifying and recording the production of renewable energies. However, a few problems with the current REC market have to do with effectiveness, accessibility, and transparency. An in-depth evaluation of the REC tokenisation concept is presented in this article, with an emphasis on the Ethereum blockchain platform. This article examines the current system's flaws and difficulties through the lens of blockchain technology's potential usage in renewable energy certificate man- agement. Its goal is to provide a framework for comprehensive process control, tracking, and accounting of renewable energy related to transactions. This checks that the distribution is secure and leaves a trail of ownership from the donor to the receivers. It fixes the issue where the power trading centre platform doesn't have the tools to track and evaluate its renewable energy usage.