Decentralizing the Energy sector using Web3.0
Keywords:
Decentralization, Renewable Energy, Artificial Intelligence, Energy trading, BlockchainAbstract
The energy sector plays a major role in controlling the current climate change crisis which is a major issue for the human race and nature. It is a well-accepted fact that Energy is at the heart of the climate change. To stop the climate change issue becoming too noxious for nature, it is important to decentralize the energy sector and to make use of the advanced technologies such as Artificial Intelligence, Blockchain and Internet of things. This paper discusses the current trend in usage of energy sector and how it can be decentralized to achieve the SDG Goal No. 7 in near future. The paper also analyses the Electricity Act, 2003 and what are the amendments that can be done in the act to resist the climate change. As Renewable energy [RE] plays a major role in mitigating the climate and energy crisis, the paper analyses the present amount of RE and also recommends steps to make the public to generate and use Renewable Energy. This paper analyses the global legislations regarding the RE and also how it can be improved and also about the Energy trades.
References
1. Vaclav Smil, The Mit Press, Massachusetts, United States, Reprint Edition, 2018.
2. Edelman, Gilad, “what is web3,anyway?”,wired, ISSN 1059-1028,retrived,2021.
3. “Sustainable Energy for All 2017 – Progress towards sustainable Energy”, International Energy Agency and World Bank 2017, Washington DC.
4. “2022 State of Climate Services Energy”, World Metrological Organisation, WMO-No-1301,2022.
5. www.reuters.com/business/environment/private-sector-body-unveils-multi-billion-ambitions- carbon-offsets-2021-01-27/, last accessed on March 10, 2023.
6. www.investopedia.com/terms/s/smart-contracts.asp#:~:text=Smart%20contracts%20are% 20code%20written,parties%20to%20trust%20each%20other, last accesed on 8th March 2023.
7. N.Z. Aitzhan and D.S vetinovic, “Security and privacy in decentralized energy trading through multi-signatures,blockchain and anonymous messaging streams.”, IEEE Transactions on Dependable and secure computing, vol 15,no pp. 840–852,2018.
8. “Elements of Electrification strategy for India”, Bureau of Energy efficiency, New Delhi, pp-14, May2022
