The future of the energy industry depends on devising and adopting innovative solutions that conserve energy and resources, thereby cutting costs and increasing profits.
The whole world is waking up to the reality that sustainability has to become a priority for each and every industry. The question remains, what is the most efficient way of ensuring sustainability while also driving growth? Energy conservation day is celebrated on 14th December to call attention to questions such as these. MSRvantage has an innovative answer. Launched by the US based company MSRcosmos, MSRvantage offers AI enabled blockchain solutions including anti counterfeit management, intelligent supply chain solutions through advanced traceability, asset digitization and deployment of rewards and many others, which have transformative potential when it comes to energy conservation.
The future of the energy industry depends on devising and adopting innovative solutions that conserve energy and resources, thereby cutting costs and increasing profits. This is precisely what Blockchain does by revolutionizing the supply chain. The oil and gas industry stores and transports massive amounts of resources after their extraction. Given the vast transportation networks, efficient management, regulation and traceability is key. MSRvantage’s Blockchain technology provides all of them by virtue of being an integrated platform with various applications that help in billing, metering, carbon trading, security, supply chain management, and performance-based contracts. Making the supply chain more transparent and efficient through services like smart contracts, tracking and trace solutions, asset digitalization and rewards and loyalty programs, MSRvantage can realistically save massive amounts of energy, curbing carbon emission, without sacrificing growth in the industry. Moreover, blockchain also helps in disaster and risk mitigation along with infrastructure maintenance as it can be used to create a device which alerts corresponding personnel of any mishaps, equipment breakdown and other dangerous situations, thus saving lives and the environment.
Commenting on blockchain as the future of energy conservation, Mr. Balaji Kandregula, Vice President at MSRvantage said, “In today’s day and age, it is impossible to think about growth purely in terms of profit. An industry can only keep growing if it is sustainable. Blockchain provides this vital link between growth and sustainability by making the supply chain not only more cost-efficient, but also energy saving.”
Industries like oil and gas also have to sell their refined products to various end users in different locations with varying environmental regulations. Accordingly, they require different types of transportation and vehicles, each with varying fuel efficiency, leading to massive amounts of energy consumption. MSRvantage’s Blockchain solutions, being a digital ledger, can curb energy consumption to a great extent by creating a database that can hold vehicle information to help with choosing the right fuel for the right vehicle. Moreover, blockchain and the Internet of Things can be used for vehicle-to-vehicle communication which lets freight vehicles form a platoon communicate, thus improving safety and fuel efficiency. Blockchain can also be used to make the adoption of sustainable fuel in the transportation industry much easier by verifying whether the sources of resources such as hydrogen are sustainable or not. Further, Blockchain can decentralize the digital passport system to authenticate equipment, parts, and products, which can reduce wastage of resources in many ways. For instance, Oil and gas industries produce a lot of waste that can be harmful to the environment. Through Performance-based Contracts (PBCs), blockchain will work through a series of smart contracts and companies can then code waste management and resource optimization into their daily work cycle which promotes recycling.
Source: Business World