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Embracing digitalization: the accelerating force behind decarbonization and energy transition
A New MIT Report On Blockchain and Artificial Intelligence
April 21, 2023
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As the Fourth Industrial Revolution unfolds, the energy sector is poised to capitalize on AI, blockchain, and IoT technologies, creating opportunities for a sustainable and decentralized future.

The energy market stands at the forefront of the Fourth Industrial Revolution, driven by the convergence of AI, blockchain technology, edge computing, and the Internet of Things (IoT). This paradigm shift echoes the transformation of the energy sector toward a more decentralized and distributed system, which will be further catalyzed by the emerging Web3 infrastructure.

Blockchain technology and Web3 offer a myriad of opportunities to advance the urgent energy transition. These include tokenizing carbon credits, enabling peer-to-peer energy trading, and increasing the verifiability and trust of data within the sector. In addition, digital tokens can create markets for low-carbon products and services such as sustainable aviation fuels and carbon credits.

Decarbonization of energy systems necessitates the further electrification of economies and decentralization of energy systems. To facilitate this, blockchain technology can support increased transactions while ensuring data transparency, trust, and verifiability. Simultaneously, smart contracts can enable automated transactions without human intervention, streamlining processes such as energy certificates and proofs of emission reductions.

However, blockchain technology is not without its criticisms, including concerns about energy consumption, data integrity, and privacy. Nonetheless, advancements in this field continue to be made to address these issues. In this context, governments and regulators play a critical role in fostering innovation, generating trust in new digital systems, and overcoming challenges.

Beyond blockchain technology and Web3, it is the overall digital transformation of industry that can support decarbonization objectives. Yet this transformation needs to speed up to achieve systemic changes.

This is the overall conclusion of a recent report by Shell and MIT Technology Review Insights, titled “Digital Technology: The Backbone of Net-zero Emissions future. The report emphasizes the essential role of digital technologies, such as cloud and edge computing, AI, machine learning (ML), IoT sensors, and blockchain, in facilitating the transition to net-zero emissions. It also looks at the readiness of industry sector to pull this decarbonisation lever.

“Connectivity enabled by digital technologies carries the enormous power of cutting global carbon emissions. 5G, Internet of Things, artificial intelligence, digital twins, blockchain, satellite technologies, and so many others can help to reduce them by 15% by 2030.” Thierry Breton, EU Commissioner, COP26 keynote.

Despite the potential of digital technologies to significantly reduce greenhouse gas (GHG) emissions across various industries by 2030, as indicated by studies from the World Economic Forum, Accenture, PwC, and Capgemini, organizations have been slow to adopt these technologies. This has hindered progress in accelerating decarbonization and emissions reduction goals. Industry leaders often prioritize digital innovation through partnerships and the energy transition is a secondary objective of their digital transformation.

The cautious approach to technology adoption stems from the immaturity of existing solutions, the need for further study or customization, and challenges such as intermittent renewable energy supplies and lack of trust in carbon trading schemes. As a result, there is a pressing need for more aggressive adoption of digital technologies to accelerate decarbonization across industries.

For this report, MIT Technology Review Insights conducted a global survey of 350 C-level leaders in eight major sectors, revealing that digitalization is considered essential for optimizing efficiency, reducing energy and waste, and monitoring greenhouse gas sinks, among other benefits. However, the survey also found that companies are not adopting digital technologies with the required urgency to achieve decarbonization targets, with executives rating their importance only moderately high.

The energy sector has been more enthusiastic about the role of digital technology in achieving environmental targets and is investing accordingly. In contrast, industries such as metals and mining, industrial manufacturing, transportation, and petrochemical manufacturing have been less willing to experiment with digital technologies and tend to use them in a limited way.

To successfully navigate the energy transition, companies must prioritize digital technology adoption and work together to overcome challenges, build digital capabilities, and establish trusted partnerships. As digital technologies continue to evolve, it is vital for governments and individual organizations to take decisive action and address skepticism or lack of trust in existing solutions proactively.

“The future of energy is decarbonized, decentralized and digital,” says Dan Jeavons, Vice President of Computational Science and Digital Innovation at Shell. “We believe open innovation is crucial to accelerate digital innovation for decarbonization. But not every sector is yet convinced. We must work together to shift that mindset.

Summary:

A new MIT Technology Review Insights report, produced in partnership with Shell, explores the role of digital technologies in the net-zero transition and emphasizes the need for a shift in organizational culture to address the challenges. The report is based on a global survey of 350 C-suite executives and interviews with experts from AccentureMicrosoftShell, and the World Economic Forum

You can download the report at www.shell.com/digitalisation-and-decarbonisation-mit-report

Key findings include:

  • Digitalization is crucial for the energy transition, with executives expecting it to aid in optimizing efficiency, reducing waste, designing carbon sequestration technologies, making sustainability data accessible, monitoring GHG sinks, and optimizing low-carbon energy systems.
  • The main decarbonization lever for most industries is a circular economy, which minimizes waste and promotes resource and energy recapture.
  • Industries rely on partnering with technology experts to innovate with digital solutions, with vendor partnerships being the most cited approach (31%).
  • Attitudes towards tech adoption and innovation vary across sectors and regions, with cybersecurity being the largest external obstacle (58%).
  • A digital culture is needed to understand and address decarbonization challenges, which requires effective systems, personnel, and data availability.

The report highlights the importance of creating a digital culture that fosters innovation and cooperation to achieve organizational sustainability goals.


Watch experts from the energy industry in this AI for Good Webinar to get some unique insights on how frameworks, trainings, processes and technology help overcome ethical challenges related to the use of AI in the energy industry with Amy Challen from ShellChristina Montgomery from IBM and Robert Eugene Austin, III from EPRI, moderated by Gabriela Ramos from UNESCO 

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Source: The Dinarian ⚡ Claude AI

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The Stellar Development Foundation (SDF) is deeply committed to helping ensure that the highest security standards are available for projects building on the Stellar network. Last year SDF launched the Soroban Security Audit Bank, an initiative to provide projects access to auditing experts and tooling that are proven to help prevent hacks by catching potential bugs, inefficiencies, and security flaws before contracts go live. Through the Soroban Security Audit Bank, we’re empowering teams building on Soroban with comprehensive security audits from leading audit firms, enhanced readiness support, and robust tooling, significantly elevating the ecosystem’s safety and efficiency.

Since launch, the Soroban Security Audit Bank has successfully conducted over 40 essential audits, deploying over $3 million to support security of the smart contracts on Stellar. Check it out!

 

Ecosystem Success Stories: How the Soroban Audit Bank Drives Security Forward

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Leading projects within the Soroban ecosystem have highlighted the impact of the Audit Bank

Finding a good auditor is difficult, expensive, and high-stakes. The Audit Bank streamlines the process and supports ecosystem projects with security review at critical growth milestones. Markus Paulson, Co-Founder of Script3
The audit firms we worked with deeply understood the full ecosystem and the underlying protocols used. Their expertise and the tools from the Audit Bank strengthened our security and supported user and investor trust. Esteban Iglesias Manríquez, Co-Founder of Palta.Labs

What's New in 2025: Enhanced Audit Support for Soroban Builders

Teams building financial protocols, high-dependency data services, high-traction dApps funded by the Stellar Community Fund are able to request an audit and will typically be matched with a reputable audit firm within two weeks. We recently restructured the program for this year to enhance audit efficiency and incentivize accountability, and rapid and complete vulnerability remediation:

  • Complimentary Initial Audit: Projects will need to contribute 5% of the audit cost upfront, but this co-payment amount is eligible for a full refund, provided that critical, high, and medium vulnerabilities identified are swiftly remediated within 20 business days of receiving the initial audit report (learn more).
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  • Advanced Security Tooling: Projects can enhance their security self-serve through complimentary or discounted access to specialized tooling, which provide vulnerability detection and formal verification capabilities (see full list of available tooling). These tools are encouraged to capture ‘easy-to-spot’ issues prior to audit as well as a final check post-audit to increase the effectiveness and thoroughness of audits.
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Get Started Today

If you're already funded through the Stellar Community Fund, meet the criteria and ready to secure your smart contracts, check your email for an invitation to submit an audit request–if you haven’t received one, contact [email protected].

If you haven't built on Stellar yet, we encourage you to start your journey with the Stellar Community Fund to become eligible for future security audits and ecosystem support. For any broader questions on the program, contact [email protected].

Also, we’re organizing an exciting series of workshops–join us for the kick-off on Soroban Security Best Practices on Friday, May 30, 2025 at 2 PM ET on @StellarOrg. Together, we're shaping a secure and resilient future for smart contracts on Stellar.

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Santander mulls stablecoin, crypto offering

Bloomberg reported that Banco Santander is mulling introducing euro and dollar stablecoins, or potentially making a third party coin available to clients, citing sources. This move aligns with broader crypto ambitions, as its digital bank, Openbank, has reportedly applied for a European cryptocurrency license under the Mica Regulations and may enable retail access to digital assets.

Systemically important banks embrace stablecoins?

Major banks are now moving from observers to participants in this expanding market. Should Santander confirm plans to launch a stablecoin, it will be the fourth global systemically important bank (G-SIB) to do so. Societe Generale’s FORGE subsidiary launched the EURCV euro coin in 2023. Deutsche Bank is a partner in ALLUnity, another stablecoin initiative with plans to launch this year, subject to regulatory approval. And Standard Chartered is part of a joint venture in Hong Kong that intends to introduce a stablecoin.

Santander’s involvement could extend beyond an individual initiative. The bank is a shareholder in The Clearing House, where the Wall Street Journal reported that US banks are exploring the potential to create a joint stablecoin. If a US initiative took that route it could involve nine more G-SIBs including Bank of America, Barclays, BMO, BNY Mellon, Citi, HSBC, JP Morgan, TD Bank and Wells Fargo.

Apart from these initiatives, our research shows that more than 20 other banks have been involved in stablecoin projects.

Until recently stablecoins were mainly used to settle cryptocurrency transactions and by residents in countries with volatile domestic currencies. During the last year stablecoin infrastructure has been expanding, especially for mainstream cross border payments. Plus, President Trump issued an executive order prioritizing stablecoins. One of the administration’s motivations is this increases demand for US Treasuries, lowering the interest rate the government pays on the Treasury bills.

Santander as an early digital assets mover

Santander’s stablecoin consideration builds on years of blockchain experience. The bank was an early Ripple investor and previously used Ripple’s permissioned network for payments (not XRP), while also embracing permissionless blockchain activities including issuing a digital bond on Ethereum in 2019. This dual approach led to collaborations with other major players – alongside Societe Generale FORGE and Goldman Sachs, Santander participated in the European Investment Bank’s first digital bond, also on Ethereum. Currently, the bank’s most significant digital money initiative involves Fnality, the wholesale blockchain-based settlement network, where Santander ranks among 20 institutional backers and is part of the early adopter group alongside Lloyds Bank and UBS.

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If you find value in my content, consider showing your support via:

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