Multi-utility framework: blockchain exchange platform for sustainable development

Abstract

Purpose The purpose of this paper is to design a sustainable development platform for water and energy peer-to-peer trading that is financially and economically feasible. Water and other resources are becoming scarcer every day, and developing countries are the neediest for an immediate intervention. Water, as a national need, is considered to be one of the most precious commodities, but it is also one of the main causes for conflicts in the 21st century. Rainwater harvesting and peer-to-peer trading of the harvested water is one of the most convenient, scalable and sustainable solutions but faces organization challenges such as the absence of suitable business models motivating normal users to sell their generated resources (such as water and energy), currency and financial settlement complexities and single utility markets. Design/methodology/approach This paper proposes a multi-utility trading platform based on the blockchain technology which can address the challenges faced by peer-to-peer trading for resources such as energy and water. Findings This paper presents a peer-to-peer multi-utility trading platform that solves the shortcomings of existing utility frameworks reported in the current literature. Originality/value This proposed platform meets the needs of developing countries as well as rural areas of developed countries. The open nature of the proposed design makes it suitable for adoption and use by various stakeholders.

Blockchain Opportunities for Water Resources Management: A Comprehensive Review

“…The literature suggests that blockchain technology can be utilized in a variety of ways to address water-related challenges, such as trading water and energy, improving water allocation and quality, and even providing flood insurance, among other blockchain-based solutions. Bou Abdo and Zeadally [67] create a commercially and economically viable peerto-peer trading platform for water and energy that supports rainwater gathering and trade of the captured water. The harvested rainwater data are directly stored on-chain.…”

Using blockchain for global governance: past, present and future

“…The DLT facilitates transparency and information security between the customer and the service provider, resulting in improved public utilities in the nation (Lukmanova et al, 2019). It is anticipated that the use of smart contracts in the trading of water and energy will eliminate the problems associated with false accounting and the waste of limited supply (Abdo and Zeadally, 2020). Technology is being promoted in the field of education for the storage and exchange of academic credentials with the academic community's stakeholders (Bhaskar et al, 2020).…”

Converged AI, IoT, and blockchain technologies: a conceptual ethics framework

“…The success of this technology is essentially due to its multi-role technology which allows it to be applied to different types of services such as data storage services, financial services, security and privacy services, etc. Blockchain technology is currently used in a wide range of applications [12] such as education [43], healthcare [27], smart grid [3]. Besides, blockchain technology is currently used by a variety of applications that aim to ensure both security and privacy in many areas [87], such as the security mechanisms [56], transportation [50], healthcare [27], and many others.…”