The digital transformation of renewable energy: reshaping the energy industry
Today, we are in the middle of the energy paradigm. We have witnessed energy transition towards renewable, clean energy from conventional energy such as fossil fuel and coal. The global trend is changing the energy market as $11.5 trillion dollars are to be invested in the energy sector in the next 30 years. Many countries and companies have joined collaborative efforts in addressing serious environmental problems for the goal to achieve a sustainable future.
With the expanding renewable energy industry, decentralization movement is ongoing including P2P trading and blockchain project financing. It is becoming a future standard and more energy businesses are managed by individuals. Despite the application of blockchain technology in the energy industry is becoming popular, certain problems remain unsolved deep in the energy market. According to the statistics, only 2% of the data is currently captured and primarily done manually. Due to the fragmented market, industry participants and market players are suffering from dispersed data and inefficiency problem.
There are main three issues raised in the current energy data market:
#1. Scattered energy data
Individual producers have little resources for optimizing operation and maintenance. They have difficulties in real-time tracking, leading to high dependency on data. If producers fail to detect faults, it directly leads to a decrease in power efficiency and also revenue decline.
#2. Absence of integrated platform
In the digital age, data is crucial to decision-making in many areas of business. The lack of integrated system hinders industry players to make informed choices, leaving data isolated and unverified in the market. This allows intermediary service providers to play active which causes unnecessary brokerage fee.
#3. Inability to track history management
Power plants last more than a decade. In order to manage all data for the entire lifecycle of a power plant, producers would need a long-lasting and sustainable platform to track history management data and to assess the current value. When an archived management system is deprived, data becomes untraceable, leading to data imbalance and untransparent market cycle.
To address the aforementioned needs above, REDi Infranet aims to provide a blockchain-based integrative data management system. Using blockchain technology, REDi Infranet will integrate, verify, distribute energy data for the global renewable energy industry. Participants can be rewarded as they provide and analyze energy data in the decentralized platform.
Anyone can record the ownership of data through the marketplace, enabling all processes to be transparent. Accuracy and reliability of database will empower various renewable energy producers, consumers, and industry participants. They collect and share data to pursue a goal to improve the productivity and efficiency of the energy market. Supported by all participants in the REDi Infranet, energy data will be distributed evenly in the marketplace, creating a transparent circulation of the industry and better sustainability.
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