Blockchain for transparent and secure supply chain management in renewable energy
1 Independent Researcher, Nigeria.
2 Shell Petroleum Development Company, Lagos Nigeria.
3 Shell Energy Nigeria PLC.
4 Shell Nigeria Gas (SEN/ SNG), Nigeria.
Review
International Journal of Science and Technology Research Archive, 2022, 03(01), 251-272.
Article DOI: 10.53771/ijstra.2022.3.1.0103
Publication history:
Received on 18 August 2022; revised on 26 September 2022; accepted on 29 September 2022
Abstract:
Blockchain technology has emerged as a transformative tool for enhancing transparency, traceability, and security within supply chain management, particularly in the renewable energy sector. With increasing global demand for renewable energy sources, the complexity of managing decentralized supply chains has grown, necessitating more robust systems for tracking resources, transactions, and ensuring compliance. Blockchain offers a decentralized, immutable ledger that ensures all transactions are recorded transparently and cannot be altered, providing a foundation for greater accountability and trust among stakeholders. In renewable energy supply chains, blockchain can effectively address several critical challenges, including the verification of the origin of materials, such as solar panels, wind turbines, and batteries. This ensures that the sourcing of raw materials is done ethically, sustainably, and in line with environmental and social governance standards. Furthermore, blockchain facilitates real-time tracking of products from manufacturing to deployment, offering enhanced visibility and reducing the risk of fraud, theft, or errors. The integration of blockchain with Internet of Things (IoT) devices can further optimize the renewable energy supply chain by enabling automatic data recording and monitoring of the performance and condition of energy assets. This leads to improved asset management and predictive maintenance, thus reducing operational costs and increasing efficiency. Additionally, smart contracts powered by blockchain can automate and streamline transactions, reducing paperwork and delays, and ensuring compliance with contractual obligations. Overall, the application of blockchain in renewable energy supply chains holds significant promise in driving sustainability, reducing inefficiencies, and fostering collaboration between various stakeholders, including manufacturers, suppliers, and end-users. By leveraging blockchain's capabilities, the renewable energy sector can build more transparent, secure, and efficient supply chains, contributing to a more sustainable energy future.
Keywords:
Blockchain; Renewable Energy; Supply Chain Management; Transparency; Security; Traceability; Smart Contracts; Sustainability; Iot; Compliance
Full text article in PDF:
Copyright information:
Copyright © 2022 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0