Contribution of Blockchain Technology In Energy to the Climate Change Efforts

Abstract

Power systems are evolving rapidly with the integration and active use of emerging digitalization technologies, including but not limited to Artificial Intelligence, Blockchain / Distributed Ledger Technology (B/DLT), and other Information and Communication Technologies. Besides the active integration of digitalization technologies into modern power systems, decarbonization efforts are also shaping the energy transition process to be further demystified under the Digital Green Shift convention in a joint manner. B/DLT appears to be one of the most promising enabling technologies to realize the full energy transition toward next-generation power markets and systems. Standardization of such technologies is playing a critical role in the rapid adoption of emerging technologies. This article aims to reflect the industrial and academic perspectives of practical approaches of B/DLT in the Energy Domain and the potential contributions of the proposed scope in terms of climate change and sustainability aspects.