Blockchain Technology in Carbon Trading Markets: Impacts, Benefits, and Challenges—A Case Study of the Shanghai Environment and Energy Exchange
This study employs the Shanghai Environment and Energy Exchange as a case study to investigate the effects of blockchain technology applications on transaction prices within the carbon trading market. Utilizing an event study methodology, the research demonstrates that blockchain technology signific...
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| Published in: | Energies (Basel) Vol. 17; no. 13; p. 3296 |
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| Main Authors: | , , |
| Format: | Journal Article |
| Language: | English |
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Basel
MDPI AG
01-07-2024
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| Abstract | This study employs the Shanghai Environment and Energy Exchange as a case study to investigate the effects of blockchain technology applications on transaction prices within the carbon trading market. Utilizing an event study methodology, the research demonstrates that blockchain technology significantly enhances the transparency, security, and efficiency of the carbon market, thereby exerting a positive influence on transaction prices. Nonetheless, the study also identifies several challenges associated with blockchain applications, including increased costs, heightened energy consumption, transaction delays, and substantial learning costs. To mitigate these issues, the study proposes optimizing blockchain architecture, incorporating Layer 2 technologies to expedite transaction processes, and developing innovative regulatory frameworks. |
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| AbstractList | This study employs the Shanghai Environment and Energy Exchange as a case study to investigate the effects of blockchain technology applications on transaction prices within the carbon trading market. Utilizing an event study methodology, the research demonstrates that blockchain technology significantly enhances the transparency, security, and efficiency of the carbon market, thereby exerting a positive influence on transaction prices. Nonetheless, the study also identifies several challenges associated with blockchain applications, including increased costs, heightened energy consumption, transaction delays, and substantial learning costs. To mitigate these issues, the study proposes optimizing blockchain architecture, incorporating Layer 2 technologies to expedite transaction processes, and developing innovative regulatory frameworks. |
| Author | Yue, Xiucheng Chen, Sonia Chien-I Zhang, Guocong |
| Author_xml | – sequence: 1 givenname: Guocong surname: Zhang fullname: Zhang, Guocong – sequence: 2 givenname: Sonia Chien-I orcidid: 0000-0002-6296-4943 surname: Chen fullname: Chen, Sonia Chien-I – sequence: 3 givenname: Xiucheng surname: Yue fullname: Yue, Xiucheng |
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| Cites_doi | 10.2139/ssrn.3841827 10.1080/10864415.2023.2295068 10.3390/su15118495 10.3390/philosophies9010002 10.1016/j.cles.2024.100119 10.3390/en16248059 10.1016/j.jclepro.2024.141693 10.3390/en17122859 10.1007/978-3-031-22950-3_17 10.3390/fi14110341 10.3390/en17112563 10.3390/su151612148 10.1016/j.apenergy.2020.114613 10.1007/978-3-662-53357-4_8 10.3390/blockchains2010004 10.1016/j.iref.2024.01.012 10.1016/j.egyr.2023.08.061 10.3390/en16248041 10.3390/su16041519 10.3390/en17112473 10.3390/en16247978 10.3390/su12125069 10.3390/en16247996 10.3390/electronics12122586 |
| ContentType | Journal Article |
| Copyright | 2024 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https://creativecommons.org/licenses/by/4.0/). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License. |
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| References | Swinkels (ref_9) 2024; 91 ref_14 ref_13 ref_12 ref_11 ref_10 Liu (ref_8) 2024; 28 ref_19 ref_17 Tian (ref_6) 2024; 78 ref_16 ref_15 AlSkaif (ref_18) 2020; 263 Su (ref_2) 2024; 448 Chang (ref_22) 2023; 9 Zhang (ref_7) 2024; 2 ref_25 ref_24 Khare (ref_1) 2024; 8 ref_23 ref_21 ref_20 ref_3 Buterin (ref_27) 2013; 1 ref_26 ref_5 ref_4 |
| References_xml | – ident: ref_26 doi: 10.2139/ssrn.3841827 – volume: 28 start-page: 3 year: 2024 ident: ref_8 article-title: Designing a Blockchain-Based Data Market and Pricing Data to Optimize Data Trading and Welfare publication-title: Int. J. Electron. Commer. doi: 10.1080/10864415.2023.2295068 contributor: fullname: Liu – ident: ref_14 doi: 10.3390/su15118495 – ident: ref_16 doi: 10.3390/philosophies9010002 – volume: 8 start-page: 100119 year: 2024 ident: ref_1 article-title: Renewable energy trading: Assessment by blockchain publication-title: Clean. Energy Syst. doi: 10.1016/j.cles.2024.100119 contributor: fullname: Khare – ident: ref_12 doi: 10.3390/en16248059 – volume: 448 start-page: 141693 year: 2024 ident: ref_2 article-title: A blockchain system supporting cross-border data protection and consistency verification in unified global carbon emissions trading framework publication-title: J. Clean. Prod. doi: 10.1016/j.jclepro.2024.141693 contributor: fullname: Su – volume: 1 start-page: 22 year: 2013 ident: ref_27 article-title: Ethereum white paper publication-title: GitHub Repos. contributor: fullname: Buterin – ident: ref_19 doi: 10.3390/en17122859 – ident: ref_24 doi: 10.1007/978-3-031-22950-3_17 – ident: ref_25 doi: 10.3390/fi14110341 – ident: ref_21 – volume: 78 start-page: 1611 year: 2024 ident: ref_6 article-title: An Energy Trading Method Based on Alliance Blockchain and Multi-Signature publication-title: Comput. Mater. Contin. contributor: fullname: Tian – ident: ref_20 doi: 10.3390/en17112563 – ident: ref_10 doi: 10.3390/su151612148 – volume: 263 start-page: 114613 year: 2020 ident: ref_18 article-title: An integrated blockchain-based energy management platform with bilateral trading for microgrid communities publication-title: Appl. Energy doi: 10.1016/j.apenergy.2020.114613 contributor: fullname: AlSkaif – ident: ref_23 doi: 10.1007/978-3-662-53357-4_8 – volume: 2 start-page: 61 year: 2024 ident: ref_7 article-title: Toward a Blockchain-Based, Reputation-Aware Secure Transactive Energy Market publication-title: Blockchains doi: 10.3390/blockchains2010004 contributor: fullname: Zhang – volume: 91 start-page: 720 year: 2024 ident: ref_9 article-title: Trading carbon credit tokens on the blockchain publication-title: Int. Rev. Econ. Finance doi: 10.1016/j.iref.2024.01.012 contributor: fullname: Swinkels – volume: 9 start-page: 22 year: 2023 ident: ref_22 article-title: Recent advancements in condition monitoring systems for wind turbines: A review publication-title: Energy Rep. doi: 10.1016/j.egyr.2023.08.061 contributor: fullname: Chang – ident: ref_4 doi: 10.3390/en16248041 – ident: ref_15 doi: 10.3390/su16041519 – ident: ref_17 doi: 10.3390/en17112473 – ident: ref_3 doi: 10.3390/en16247978 – ident: ref_13 doi: 10.3390/su12125069 – ident: ref_5 doi: 10.3390/en16247996 – ident: ref_11 doi: 10.3390/electronics12122586 |
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| SubjectTerms | Algorithms Blockchain blockchain technology Carbon carbon trading price Climate change Compliance Decentralization Efficiency Emission standards Emissions trading Energy consumption event study approach Hypotheses Prices Transparency Volatility |
| Title | Blockchain Technology in Carbon Trading Markets: Impacts, Benefits, and Challenges—A Case Study of the Shanghai Environment and Energy Exchange |
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