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The Relationship between Renewable Energy and Blockchain as a Sustainable Technology Tool

Author

Listed:
  • Cristian Bogdan Onete

    (Bucharest University of Economic Studies, Romania)

  • Sonia Budz

    (Bucharest University of Economic Studies, Romania)

  • Ioana Bucur-Teodorescu

    (Bucharest University of Economic Studies, Romania)

  • Sandra Diana Chita

    (Bucharest University of Economic Studies, Romania)

  • Stefan Sava

    (Bucharest University of Economic Studies, Romania)

  • Constantin Bucur

    (Titu Maiorescu University, Bucharest, Romania)

Abstract

The European Union is accelerating its transition to energy independence by 2030 in response to new geopolitical realities. This study aims to demonstrate the advantages of blockchain technology for the energy sector and how renewable sources themselves may lower costs and generate significant amounts of electricity. These networks encourage the use of renewable energy sources in place of conventional ones and enable sustainable consumption reduction at the same time. The paper demonstrates how blockchain may connect to renewable energy sources, most often solar and wind, to grow this industry in a sustainable way. New technologies like blockchain have sparked the emergence of contemporary forms of trade and consumption. The collaborative and circular economies represent a nexus of economic, technological, and socio-cultural phenomena brought about by technological advancements and economic disruption. Blockchain technology offers a wide range of non-financial applications, and its use is acknowledged as a brand-new opportunity for sustainability and energy. The goal of this study is to clarify the relationship between the two and determine whether blockchain technology can be sustainable for the development of the energy market. The paper is addressed to all parties involved in the energy, blockchain, and sustainability industries.

Suggested Citation

  • Cristian Bogdan Onete & Sonia Budz & Ioana Bucur-Teodorescu & Sandra Diana Chita & Stefan Sava & Constantin Bucur, 2023. "The Relationship between Renewable Energy and Blockchain as a Sustainable Technology Tool," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 25(64), pages 919-919, August.
    • Handle: RePEc:aes:amfeco:v:25:y:2023:i:64:p:919
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    Citations

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    Cited by:

    1. Musadag El Zein & Girma Gebresenbet, 2024. "Digitalization in the Renewable Energy Sector," Energies, MDPI, vol. 17(9), pages 1-20, April.

    More about this item

    Keywords

    renewable energy; blockchain; sustainability;
    All these keywords.

    JEL classification:

    • D16 - Microeconomics - - Household Behavior - - - Collaborative Consumption
    • O44 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Environment and Growth
    • Q20 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - General
    • Q40 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - General
    • Q55 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Technological Innovation

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