BLOCKCHAIN
According to David Sneyd , Vice President of Responsible Investment for BMO Global Asset Management , “ To keep track of how much clean energy is produced , a system based on tradable certificates works by renewable-power plants logging their output in a spreadsheet , which is then sent to a registry provider , where the data gets entered into a separate system , and a certificate is created . A second set of intermediaries broker deals between buyers and sellers of these certificates and yet another party verifies the certificates after they are purchased . This whole process increases inefficiencies in the system and reduces the attractiveness of investing in green power .
“ By comparison , blockchain technology offers the opportunity for smaller-scale energy producers to trade energy peer-topeer with consumers in their local area , rather than submit their power into the grid . Such an initiative has been launched by the British energy company Centrica , within its local energy market program ,” he added .
Supply Chain Traceability Finally , the key aspect of blockchain technology that interlinks all others and provides the foundation of the system ’ s capabilities is traceability across global supply chain networks . The majority of large companies feature sophisticated , interdependent networks of suppliers spanning many companies — usually the most economically-friendly ones . So before a product reaches its final destination — the consumer — it has passed through lots of people . Due to individual , fluctuating
68 April 2021