Blockchain Technology: Energy Efficiency and Ethical Compliance
DOI:
https://doi.org/10.15282/jgi.4.2.2021.5872Keywords:
energy efficiency, blockchain, renewable energy, ethical compliance, conceptual paperAbstract
Blockchain technology has the ability to disrupt almost every industry due to its ability to create a decentralized tamper-proof ledger network and carry out transactions without the need of a trusted third party intermediary. One of the major drawback of blockchain technology is the energy consumption surrounding its application. The problem has been discussed extensively, with proposals focusing on strengthening its consensus protocol and also integrating renewable energy sources to minimize its carbon footprint. To boost adaptability of blockchain in all sectors, the technology itself needs to look for less energy-intensive alternatives to boost its ethical and industrial compliance. As the energy sector is currently undergoing a revamp from its age-long one-way power network towards a decentralized grid system with distributed generation and storage. Adoption of blockchain technology must work hand in hand with the energy industry in order to make itself energy efficient and competitive in the long term.
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Fernando, Y., & Wulansari, P. (2020). Perceived understanding of supply chain integration, communication and teamwork competency in the global manufacturing companies. European Journal of Management and Business Economics.
Fernando, Y., Abideen, A. Z., & Shaharudin, M. S. (2020). The nexus of information sharing, technology capability and inventory efficiency. Journal of Global Operations and Strategic Sourcing.
Fernando, Y., Darun, M. R., Al-haimi, B., Ibrahim, D. N., Tieman, M., & Mohamad, F. (2020a), Role of Smart Contracts in Halal Supply Chain Management. In Encyclopedia of Organizational Knowledge, Administration, and Technology (pp. 2497-2504). IGI Global.
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Naina, L. M., Fernando, Y., & Shaharudin, M. S. (2019). Extended Eco-Efficient Supply Chain Integration Management Model: A Research Note. Journal of Governance and Integrity, 3(1), 69-76.
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Sharvini, S. R., Noor, Z. Z., Chong, C. S., Stringer, L. C., & Yusuf, R. O. (2018). Energy consumption trends and their linkages with renewable energy policies in East and Southeast Asian countries: Challenges and opportunities. Sustainable Environment Research, 28(6), 257-266.
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Tan, C. S., Maragatham, K., & Leong, Y. P. (2013). Electricity energy outlook in Malaysia. In IOP Conference Series: Earth and Environmental Science, 16(1), p. 012126.
Truby, J. (2018). Decarbonizing Bitcoin: Law and policy choices for reducing the energy consumption of Blockchain technologies and digital currencies. Energy research & social science, 44, 399-410.
Shaharudin, M. S., Fernando, Y., Ahmed, E. R., & Shahudin, F. (2020). Environmental NGOs Involvement in Dismantling Illegal Plastic Recycling Factory Operations in Malaysia. Journal of Governance and Integrity, 4(1), 29-36.
Wu, J., & Tran, N. (2018). Application of Blockchain Technology in Sustainable Energy Systems: An Overview. Sustainability, 10(9), 3067. doi: 10.3390/su10093067
Yaga, D., Mell, P., Roby, N., & Scarfone, K. (2018). NISTIR 8202 Blockchain Technology Overview. National Institute of Standards and Technology. Recuperado de: https://nvlpubs. nist. gov/nistpubs/ir/2018/NIST. IR, 8202.
Zhang, S., & Lee, J. H. (2020). Analysis of the main consensus protocols of blockchain. ICT express, 6(2), 93-97.
Zheng, Y., & Boh, W.F. (2021), Value Drivers of Blockchain Technology: A Case Study of Blockchain-Enabled Online Community, Telematics and Informatics, doi: https://doi.org/10.1016/j.tele.2021.101563
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Published
2021-03-09
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Fernando, Y., & Saravannan, R. (2021). Blockchain Technology: Energy Efficiency and Ethical Compliance. Journal of Governance and Integrity, 4(2), 88–95. https://doi.org/10.15282/jgi.4.2.2021.5872
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JGI Vol. 4, Issue 2, July 2021
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Copyright (c) 2021 Yudi Fernando, Rubakanthan Saravannan
This work is licensed under a Creative Commons Attribution 4.0 International License.
