One of the largest energy companies in the world, Shell, is embarking on an energy transition agenda to move away from using fossil fuels with the help of blockchain. Blockchain’s distinguishing components of distribution and encryption of data are what attract global organizations like Shell, who need trusted technology solutions for storing and sharing valuable information.
The article “How Shell is Using Web3 and Blockchain for Sustainability and Energy Transition” from Forbes goes into detail on Shell’s plans for using blockchain to move toward green energy – https://www.forbes.com/sites/bernardmarr/2022/07/15/how-shell-is-using-web3-and-blockchain-for-sustainability-and-energy-transition/amp/
Shell is currently using blockchain to trace and verify the origin of renewable energy sources. Every piece of data from the project is collected, tracked, and recorded on a blockchain.
“This is one of those solutions where blockchain creates the transparency and assures us there’s no [system errors]; we believe this could be a game-changer,” says Dan Jeavons, VP of Computational Science and Digital Innovation at Shell.
Shell has also created Avelia, one of the first blockchain-powered book-and-claim systems, which will provide sustainable aviation fuel (SAF) and other environmental benefits linked to reducing emissions.
“It’s one of the first public blockchain solutions that creates a credible and transparent way to help decarbonize the aviation sector. Thanks to its inherent technical features, blockchain offers verifiability, transparency, and security of environmental attributes of SAF,” says Shell’s blockchain lead Sabine Brink.
Through the use of blockchain, Shell can bring new decarbonization solutions to the market and meet the company’s goal of moving toward sustainable energy.