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MAAL BLOCKCHAIN IN ENERGY AND UTILITIES
“Energy cannot be created or destroyed, it can only be changed from one form to another.” – Albert Einstein
MAAL BLOCKCHAIN'S SECURE AND CONNECTED NETWORK WILL HELP THE ENERGY & UTILITY INDUSTRY GET EFFICIENT AND CREATE NEW BUSINESS MODELS
The energy sector is constantly disrupted by innovations from solar panels to smart meters. Due to its ability to eliminate intermediaries, provide transparent, immutable records, improve security, and automate settlements, blockchain is becoming an increasingly important tool here.
Energy & Utilities Use Cases
Wholesale Energy Distribution
Maal Blockchain technology has the potential to significantly impact wholesale electricity distribution by enabling a more efficient, secure, and transparent system for the exchange of energy. Three ways in which utility providers can benefit from Maal distributed ledger technology. At the grid edge, utility providers can process and validate data from many devices before securing it on the blockchain. Secondly, energy providers can utilize blockchain to create a system for transactions of data which is critical to distribution. Lastly, distributed ledger technology can be used to develop a system for transacting energy among a diverse set of actors.
Peer to Peer Energy Trading
Peer-to-peer energy (P2P) trading allows consumers to buy and sell excess energy amongst themselves. This new class of producer-consumers (often referred to as ‘prosumers’) require a platform that is secure, provides transparency and enables low-cost transactions between parties to be made efficiently. Utilising Tijarah’s Maal blockchain technology, it is possible for these prosumers to sell their excess energy to network peers, local microgrids, virtual power plants, or back to the main grid – earning them credits against their consumption bills. This cuts down the cost of excess solar energy being escorted back to the grid and gives consumers more control to purchase energy from their neighbours at a cheaper price than their provider.
Renewable Energy Certificates (RECs)
RECs are another compelling application of Maal blockchain in the energy and sustainability sector. As proof that they are committed to reducing fossil fuel consumption, renewable energy providers generate these certificates. Maal blockchain technology can be used as the underlying infrastructure for an international REC standard, eliminating the current difficulties in trading these certificates and providing immutable, traceable records of renewable energy consumption. Tokenizing RECs and trading them on exchanges could open up investment opportunities in renewable energy and ESG-focused organizations.
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