Blockchain-Enabled Renewable Energy Traceability with a Crypto-based Arbitrage Pricing Model

The need for Renewable Energy (RE) market decentralization and its rapid growth has led to new challenges related to energy traceability and pricing. While RE has undergone remarkable growth, the traditional methods of tracking renewable energy transactions lack transparency, making it difficult to ensure the authenticity of claims related to the source and quality of energy. Blockchain has been seen as a remarkable future technology capable of being integrated across many systems on the internet. This paper proposes a blockchain-enabled solution to address these challenges by providing a secure and transparent traceability and pricing model for RE. The proposed approach uses blockchain technology to record and verify all energy transactions in a decentralized and tamper-proof manner. Additionally, the approach suggests the incorporation of smart contracts and Crypto-based Arbitrage techniques to automate the pricing of RE and the exploitation of a fair and efficient pricing mechanism. The paper goes the extra mile and presents an RE-based hypothetical case scenario that illustrates the implementation of the proposed model in an RE market while highlighting the benefits of using blockchain technology for energy traceability and pricing. The culminating discussions show that the blockchain-enabled RE traceability and pricing model offers a secure, transparent, and efficient pricing solution that can enhance trust in the RE market while promoting the transition to a sustainable energy future.