Empowering Energy Transition through Blockchain Technology
Kumari R Oum · 2024
The energy sector is witnessing serious issues worldwide. The ever-increasing consumption has led to a manifold increase in the installed capacity, further resulting in financial stress and climate change, as more than 70% of energy needs are met through fossil fuel. The energy supply crisis escalated by the Ukraine–Russia war is being identified as one of the major risks for 2023. Shifting from fossil fuels to cleaner energy alternatives can effectively solve the issues of energy crisis, financial stress, and environmental challenges altogether. Blockchain technology (BCT) has enabled the decentralized revolution across the globe and is recognized as one of the most effective ways to ensure energy security and sustainability. The integration of blockchain technology with the energy sector has captured the attention of researchers worldwide as it provides better solutions for the adoption of clean and green energy sources. Developing and developed economies are striving hard in their journey of energy transition due to high dependence on conventional energy sources and mounting debts. Economies should therefore recognize the interlinkages between energy, economic development, and climate action. Blockchain technology has the potential to strengthen the renewable energy sector by making it more efficient, transparent, and decentralized. The present chapter highlights the use of blockchain technology in the renewable energy sector along with its benefits, challenges, and future prospects.