Author ORCID Identifier
Document Type
Article
Disciplines
1.2 COMPUTER AND INFORMATION SCIENCE, Communication engineering and systems
Abstract
Fossil fuel pollution has contributed to dramatic changes in the Earth’s climate, and this trend will continue as fossil fuels are burned at an ever-increasing rate. Many countries around the world are currently making efforts to reduce greenhouse gas emissions, and one of the methods is the Tradable White Certificate (TWC) mechanism. The mechanism allows organizations to reduce their energy consumption to generate energy savings certificates, and those that achieve greater energy savings can sell their certificates to those that fall short. However, there are some challenges to implementing this mechanism, such as the centralized and costly verification and control of energy savings. Moreover, the verification process is not transparent, which could lead to fraud or manipulation of the system. Therefore, in this paper, we propose a blockchain-based TWC mechanism to automatically create, verify, and audit the TWC certificates. In addition, we propose a smart-contract-based TWC trading mechanism that enables traders to trade their TWCs without exposing their private information in an untrusted environment. Evaluations show that the proposed TWC framework is scalable for 1000 TWC traders simultaneously, and optimization problem can be solved in less than 120ms. Moreover, it has been shown that Polygon Matic incurs least gas cost compared to other blockchain-based solutions.
DOI
https://doi.org/10.1016/j.egyr.2023.11.015
Recommended Citation
Nouman Ashraf, Sachin Sharma, Sheraz Aslam, Khursheed Aurangzeb, Making tradable white certificates trustworthy, anonymous, and efficient using blockchains, Energy Reports, Volume 10, 2023, Pages 4574-4581, ISSN 2352-4847, DOI: 10.1016/j.egyr.2023.11.015.
Funder
King Saud University
Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.
Publication Details
Ashraf, N., Sharma, S., Aslam, S., & Aurangzeb, K. (2023). Making tradable white certificates trustworthy, anonymous, and efficient using blockchains. Energy Reports, 10, 4574-4581.
https://doi.org/10.1016/j.egyr.2023.11.015