As a part of the Paris Conference, India signed a pact to decrease its CO2 footprint by 20% by 2020. To decrease the CO2 footprint, it is important for the country to firstly audit its energy sources and their usage statistics. In order to smoothen the same process, we propose a novel platform that uses blockchain to ensure Guarantee of Origin for each commercial unit of energy produced. Post fossil fuel divestment, there will be economic, social and political presssure on industries to prove that a considerable portion of the energy they use has a renewable origin.
We know that industries spend a considerable portion of their revenue and their valuable time to get their energy sources autdited. Our solution enables industries to cut down auditing costs by maintaining the origin of each unit used and its transaction history in the blockchain. Now that the data is verifiable on the chain, the company can be transparent about its energy. The regulatory body can now authentically analyze the origin, distribution and consumption of energy which was the very problem the Indian government intends to solve as the result of its pact at the Paris Conference.
As an additional layer of security we use anomaly detection to weed out and report the readings which can be wrongly forged by a company with wrong intentions.
We were finding it difficult to figure out the correct economic incentive for industries to be onboard with our service. We then figured out that a country will bring about regulations forcing the industries to compel with the RPO compliance.
After this, we also ran into problems while figuring out the business use cases of this model. We then found out on the net that companies in Europe spend a lot of money to get an energy audit done. This is analogous to a supply chain problem which is clearly solved by a private blockchain which is known to cut down audit costs.
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