Solutions: The Energy Industry (Part 1)
By: Bigbang Core
Tags: IoT, Industry, Blockchain, Blockchain Technology, Business

In the next series of articles, BigBang Core will look into a number of different industries that are benefitting from blockchain technology.

Photo by Max Bender on Unsplash

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As the world is moving towards digitalization, the transformation towards blockchain is rapidly increasing. At present, industries are increasingly incorporating blockchain technology into their businesses models since it has the potential to transform them effectively.

Like other sectors, the energy sector refers to the companies involved in the manufacturing and sales of energy such as fuel production, distribution, refining and extraction; boosting the economy and aiding in transportation and production.

Why is there a Need for Blockchain Technology?

In regards to the energy sector, the increasing utilization of renewable energy installations can result in great pressure on electricity grids. Similarly, oil and gas companies are facing issues of privacy. We have highlighted some of the issues faced by the energy industry below:

Difficult Statistics and Lower Authenticity

In the energy industry, collating accurate data has been a recurring problem. It is difficult to count, or in the middle of circulation process, the data is lost or tampered with, making it difficult to quantify.

Cost of a Third-Party

The recruitment of a third-party energy testing company can be complicated and expensive. Furthermore, there is a risk that the third-party might leak private data.

Difficulty in the Collection of Data

The degree of digitalization of information in the energy sector is exponentially low. Hence, the collection of accurate data on energy consumption and emissions is can be challenging.

The Benefits of Blockchain Technology in the Energy Sector

The above mentioned issues can be rectified by employing blockchain technology. Utilization of blockchain technology in the energy sector brings a lot of benefits. These include (but are not limited to):

Minimized Costs

Greater transparency for stakeholders while maintaining security

Sustainability

For instance, the utilization of blockchain technology in an energy company for electricity distribution can facilitate in the connection of end-users with the energy grid. Blockchain together with Internet of Things will allow the direct trade and purchase of energy from the grid, instead of retailers (third-parties). Similarly, employing blockchain in the trading of commodities will result in low-cost and efficient trading as compared to the traditional mechanisms. This will not only enable companies to minimize the costs related to labor but also the costs related to data management, settlement delays etc. Furthermore, it will provide end-users with a higher rate of efficiency, and enable them to have control of their energy sources along with trustworthy and live updates of energy utilization data. The data could comprise of fuel costs, margin costs, market prices etc.

BigBang Core: Transforming the Energy Industry

BigBang Core is on its way to transforming the energy Industry. It combines big data, Internet of Things, and blockchain technology for creating an energy ecological system that comprises of “Data collection, data transmission, data storage, and data analysis”. This will facilitate the companies in reducing the time and energy required for man powered statistics and analysis, and also reducing the utilization of resources and energy, resulting in greater savings for everyone.

Enhanced Data Availability and Usability

BigBang processes scattered multi-source data into standards and clean data assets for ensuring data consistency, availability, accuracy, and integrity.

Higher Efficiency, Lower Cost

BigBang Core is proud to solve the issue of secure collection, transmission, and chaining of energy-saving data.

Managing Data Assets

BigBang Core combines big data for managing data assets. It builds data and service platforms which enables managers to understand the data from a high-level situation, giving them a clear understanding of the overall image of data resources.

Results’ Accuracy and Promoting Energy Conservation

BigBang Core serves the users with a data warehouse maturity model for evaluating the degree of intelligent data, providing guidelines for the generation of evaluation reports.

Achieving Cross-Chain Transactions

Each energy company can create a branch of BigBang Core for attaining cross-chain transactions of “energy indicators”.

Jengengbao Hangzhou:

Launched in 2011, Jengengbao is the first free energy-saving service provider. It is concerned with the management and operation of energy-saving emission reduction technologies.

BigBang Core facilitated Jengengbao in transforming and upgrading its product chips for accomplishing data security on the chain with one-third of the previous cost. The combination of blockchain and big data technologies helped the company in reducing the time and energy of man powered analysis and statistics, saving money in the process.

The Future Looks Bright

Blockchain technology is slowly but surely changing industries that make our economy turn. BigBang Core is proud to solve the issues related with the energy sector effectively and efficiently with the aid of blockchain technology and Internet of Things. It will aid in the minimization of the consumption of energy resources, resulting in lower costs. Furthermore, a safe and secure environment is provided to carry out businesses with convenience. Who knows what the future will hold, but we believe it can only improve.