How Shell is using Web3 and blockchain for sustainability and the energy transition

How Shell is using Web3 and blockchain for sustainability and the energy transition

Shell is one of the largest energy companies in the world. Although many of us associate it primarily with oil and gas, it has embarked on an ambitious energy transition program to shift from the use of fossil fuels to green and sustainable energy.

These include the goal of achieving net zero carbon emissions by 2050 or earlier, and the more immediate goal of reducing scope 1 and 2 emissions by 50% by the end of this decade.

It does this by drawing on several emerging technology trends that are proving game-changing in many industries beyond its own sector. These include artificial intelligence (AI), Internet of Things (IoT) and, as we will see in this article, Web3 and blockchain. Blockchain is best known by most people as the technology behind cryptocurrencies like Bitcoin. The simplest way to think about it is that it is essentially a relatively new form of database format. Blockchains have two key characteristics that distinguish them from other databases. First, they are not centrally deployed on a specific computer or server. This means that they are spread across multiple computers so that no one has general and direct control, and all changes must be validated by consensus.

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