Abstract
Distributed renewable energy offers an exciting opportunity for sustainable transition and climate change mitigation. However, it is overlooked in most of the conventional tradable green certificates programs. Blockchain shows an advantage of incorporating a galaxy of distributed prosumers in a transparent and low-cost manner. This paper proposes I-Green, a blockchain-based individual green certificates system for promoting voluntary adoption of distributed renewable energy. Combing the features of blockchain technology and the theories of social norm and peer effects, the novel green ratio incentive scheme and proof of generation consensus protocol are designed for I-Green. A blockchain simulator is constructed to evaluate the effectiveness and efficiency of I-Green system. The simulation results present its potential for facilitating widespread adoption of distributed generation, and confirm the feasibility of blockchain as the information communication technology (ICT).
Highlights
In the era of sustainable transition, distributed renewable energy plays a significant role in greenhouse gases abatement
Microgrids are constructed in many areas for local energy sharing and load balancing, which improves the utilization of distributed generated power [3]
It confirmed the feasibility of blockchain for supporting transactions, and concluded that a permission role is in need for many blockchain applications in real-world scenarios
Summary
In the era of sustainable transition, distributed renewable energy plays a significant role in greenhouse gases abatement. In compliance REC and TGC markets, electrical power distributors and suppliers are required to buy certificates from renewable power plants, as a proof of providing renewable energy to their customers These markets have been proved by several research to be inefficient and economically unfavorable to end-consumers [8,9]. Combing the transparency and reliability of blockchain technology and the theories of social norm and peer effects, this research designs a novel incentive mechanism of I-Green—the green ratio scheme, for motivating voluntary green certificates trading between consumers and prosumers. Simulations with different consensus protocols, incentive intensities, and network scales indicate that I-Green has the potential to effectively and efficiently facilitate adoption of distributed renewable energy. This article is arranged as following: Section 2 reviews related literature and projects; in Section 3, design of I-Green system is demonstrated, including the architecture, cryptocurrency, incentive mechanism and consensus protocol; the simulation framework is constructed in Section 4; Section 5 presents simulation results and analysis of I-Green; Section 6 concludes
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