Abstract
Blockchain is a relatively new technology that can provide security, transparency, and integrity to digital data. These properties are particularly important in sustainable energy developments. In this chapter, we first examine the sustainability of blockchain technology. We then explore applications of this technology in sustainable oil and gas and the broader energy sector. Furthermore, a case study is provided to showcase how securing emission data using blockchain could lead to the development of differentiated and premium fuels. We interviewed several experts involved or knowledgeable of this project. Excerpts from those interviews are included in this chapter to get their perspective and understand the significance and limitations of this new development. In the end, the challenges and risks of applying blockchain for sustainable energy applications are discussed.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
References
Andoni M, Robu V, Flynn D, Abram S, Geach D, Jenkins D, McCallum P, Peacock A (2019) Blockchain technology in the energy sector: a systematic review of challenges and opportunities. Renew Sustain Energy Rev 100:143–174. https://doi.org/10.1016/j.rser.2018.10.014
Bebat Launches EasyBat, an Open-Source, Decentralized Solution for Battery Lifecycle Management | by Energy Web | Energy Web | Medium (n.d.) https://medium.com/energy-web-insights/bebat-launches-easybat-an-open-source-decentralized-solution-for-battery-lifecycle-management-281f2ace61e9. Accessed 15 Jan 2023
Blockchain for Commodities: Trading Opportunities in a Digital Age | S&P Global (n.d.) https://www.spglobal.com/en/research-insights/featured/special-editorial/blockchain-for-commodities-trading-opportunities-in-a-digital-age. Accessed 15 Jan 2023
Blockchain in Energy Markets (n.d.) https://lisk.com/blog/posts/blockchain-energy-markets. Accessed 15 Jan 2023
Caldarelli G (2020) Understanding the blockchain oracle problem: a call for action. Information 11(11):509. https://doi.org/10.3390/info11110509
Can the Brooklyn Microgrid Project Revolutionise the Energy Market? | by The Beam | TheBeamMagazine | Medium (n.d.) https://medium.com/thebeammagazine/can-the-brooklyn-microgrid-project-revolutionise-the-energy-market-ae2c13ec0341. Accessed 15 Jan 2023
Cannon C, Hughes S, Johnson M, Long E, Natali P (2022) Principles for blockchain-based emissions reporting. RMI
Cioara T, Pop C, Zanc R, Anghel I, Antal M, Salomie I (2020) Smart grid management using blockchain: future scenarios and challenges. In: 2020 19th RoEduNet conference: networking in education and research (RoEduNet), pp 1–5. https://doi.org/10.1109/RoEduNet51892.2020.9324874
Elijah O, Ling PA, Rahim SKA, Geok TK, Arsad A, Kadir EA, Abdurrahman M, Junin R, Agi A, Abdulfatah MY (2021) A survey on industry 4.0 for the oil and gas industry: upstream sector. IEEE Access 9:144438–144468. https://doi.org/10.1109/ACCESS.2021.3121302
Energy Web and Energy Peace Partners Announce Peace Renewable Energy Credit (P-REC) Digital Marketplace Platform | by Energy Web | Energy Web | Medium (n.d.) https://medium.com/energy-web-insights/energy-web-and-energy-peace-partners-announce-peace-renewable-energy-credit-p-rec-digital-6295ea233218. Accessed 15 Jan 2023
ENGIE Energy Access and Energy Web Announce DeFi Crowdfunding Platform to Help Scale Solar, Mini Grids in Sub-Saharan Africa | by Energy Web | Energy Web | Medium (n.d.) https://medium.com/energy-web-insights/engie-energy-access-and-energy-web-announce-defi-crowdfunding-platform-to-help-scale-solar-mini-2142029ad84f. Accessed 15 Jan 2023
Esmaeilian B, Sarkis J, Lewis K, Behdad S (2020) Blockchain for the future of sustainable supply chain management in industry 4.0. Resour Conserv Recycl 163:105064. https://doi.org/10.1016/j.resconrec.2020.105064
Gallersdörfer U, Klaaßen L, Stoll C (2020) Energy consumption of cryptocurrencies beyond bitcoin. Joule 4(9):1843–1846. https://doi.org/10.1016/j.joule.2020.07.013
How Do You Reshape When Today’s Future May Not Be Tomorrow’s Reality? - Oil and Gas Digital Transformation and the Workforce Survey 2020 (n.d.) TRUE Global Intelligence. ey.com/oilandgas/digitalskills
Huang Z, Li Z, Lai CS, Zhao Z, Wu X, Li X, Tong N, Lai LL (2021) A novel power market mechanism based on blockchain for electric vehicle charging stations. Electronics 10(3):307. https://doi.org/10.3390/electronics10030307
Jurdak R, Dorri A, Vilathgamuwa M (2021) A trusted and privacy-preserving internet of mobile energy. IEEE Commun Mag 59(6):89–95. https://doi.org/10.1109/MCOM.001.2000754
Mackenzie W (2018) When, why and how is the global energy transition going to happen? October 16, 2018. https://www.woodmac.com/news/feature/global-energy-transition/
Muhanji SO, Flint AE, Farid AM (2019) The development of IoT within energy infrastructure. In: Muhanji SO, Flint AE, Farid AM (eds) EIoT: the development of the energy Internet of Things in energy infrastructure. Springer International Publishing, Cham, pp 27–90. https://doi.org/10.1007/978-3-030-10427-6_3
Mutually Evolving Technologies: Blockchain, Renewable Energy, and Energy Storage (n.d.) https://www.americanbar.org/groups/business_law/publications/blt/2019/12/evolving-tech/. Accessed 15 Jan 2023
Ondiflo Is Using Blockchain to Revolutionize the Oil and Gas Industry | AWS Startups Blog (2019, August 28) https://aws.amazon.com/blogs/startups/ondiflo-is-using-blockchain-to-revolutionize-the-oil-and-gas-industry/
Pal S, Dorri A, Jurdak R (2021) Blockchain for IoT access control: recent trends and future research directions. arXiv. https://doi.org/10.48550/arXiv.2106.04808
Perrons RK, Cosby T (2020) Applying blockchain in the geoenergy domain: the road to interoperability and standards. Appl Energy 262:114545. https://doi.org/10.1016/j.apenergy.2020.114545
PR Newswire (2022 November 15) “Purewest Grows Market For Certified Gas Through Partnership With Earndlt And Project Canary To Tokenize Verifiable Environmental Attributes.” https://www.yahoo.com/now/purewest-growsmarket-certified-gas-140000925.html
Revolutionizing Renewable Energy Certificate Markets with Tokenization IBM Supply Chain and Blockchain Blog (n.d.) https://www.ibm.com/blogs/blockchain/2021/08/revolutionizing-renewable-energy-certificate-markets-with-tokenization/. Accessed 15 Jan 2023
Saraji S, Borowczak M (2021) A blockchain-based carbon credit ecosystem [White Paper]. http://arxiv.org/abs/2107.00185
Sharma V (2019) An energy-efficient transaction model for the blockchain-enabled Internet of Vehicles (IoV). IEEE Commun Lett 23(2):246–249. https://doi.org/10.1109/LCOMM.2018.2883629
Song L, Ju X, Zhu Z, Li M (2021) An access control model for the Internet of Things based on zero-knowledge token and blockchain. EURASIP J Wirel Commun Netw 2021(1):105. https://doi.org/10.1186/s13638-021-01986-4
Soto EA, Bosman LB, Wollega E, Leon-Salas WD (2021) Peer-to-Peer energy trading: a review of the literature. Appl Energy 283:116268. https://doi.org/10.1016/j.apenergy.2020.116268
Stoll C, Klaaßen L, Gallersdörfer U (2019) The carbon footprint of bitcoin. Joule 3(7):1647–1661. https://doi.org/10.1016/j.joule.2019.05.012
Teufel B, Sentic A, Barmet M (2019) Blockchain energy: blockchain in future energy systems. J Electron Sci Technol 17(4):100011. https://doi.org/10.1016/j.jnlest.2020.100011
Zhang C, Jianzhong Wu, Zhou Y, Cheng M, Long C (2018) Peer-to-peer energy trading in a microgrid. Appl Energy 220:1–12. https://doi.org/10.1016/j.apenergy.2018.03.010
Zhang A, Zhong RY, Farooque M, Kang K, Venkatesh VG (2020) Blockchain-based life cycle assessment: an implementation framework and system architecture. Resour Conserv Recycl 152:104512. https://doi.org/10.1016/j.resconrec.2019.104512
Author information
Authors and Affiliations
Corresponding author
Rights and permissions
Copyright information
© 2023 The Author(s), under exclusive license to Springer Nature Switzerland AG
About this chapter
Cite this chapter
Saraji, S. (2023). Blockchain and Sustainable Energy. In: Sustainable Oil and Gas Using Blockchain. Lecture Notes in Energy, vol 98. Springer, Cham. https://doi.org/10.1007/978-3-031-30697-6_5
Download citation
DOI: https://doi.org/10.1007/978-3-031-30697-6_5
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-031-30696-9
Online ISBN: 978-3-031-30697-6
eBook Packages: EnergyEnergy (R0)