NRGcoinA Blockchain-based Reward Mechanism for Both Production and Consumption of Renewable Energy
Host Publication: Transforming Climate Finance and Green Investment with Blockchains
Authors: M. Emilov Mihaylov, I. Razo Zapata and A. Nowé
Publisher: Academic Press
Publication Year: 2018
To mitigate our dependence on fossil fuels, new schemes to reward the production and consumption of renewable (green) energy are required. Green energy needs to effectively offset the consumption of grey energy, i.e., energy from mixed sources. The NRGcoin concept supports the integration of renewable energy by incentivizing its local production and consumption within the low-voltage grid. It creates not only a more secure and transparent energy provisioning mechanism, but also promotes a local ecosystem in which key stakeholders (prosumers, consumers, and utilities and grid operators) can mutually benefit from each other. After discussing the main issues with traditional support policies, this chapter presents the NRGcoin concept in details. It describes the problem being solved while emphasizing the main benefits and potential challenges for NRGcoins adoption. Finally, we also contribute four important questions, which help set a reasoning framework to clarify and justify the use of Blockchain in addressing various challenges.