Applications of Blockchain in the utility sector
The opportunities and potential of blockchain in the utilities industry could be transformative for strategic asset management.
Utilities around the world manage a vast range of assets. Practically, these are pipelines, pumping stations, treatment sites, vehicles, and many more. But in reality, utilities don’t have a comprehensive view of these assets in one place “single source of truth”. As a result, they find it difficult to keep track of all these assets and manage them accordingly. Without strategic asset management, This makes it difficult for utilities to realize optimum performance which is a consequence of an increase in TOTEX. Also, as most of these companies still use paper-based documents, it is even more complex and challenging for them in the long run.
At CosmosAI, we are currently researching and developing blockchain solutions for strategic asset management for:
* Better Utility Data Management
* Provide wholesale Utilities
* Reduced Maintenace Costs
* Tokenizing Utilities
* Streamline supply chain for more effectively to reduce maintenance cost.
* Peer to Peer Energy Trading etc.
“Like the Internet, blockchain is an open, global infrastructure upon which other technologies and applications can be built. And like the internet, it allows people to bypass traditional intermediaries in their dealings with each other, thereby lowering or even eliminating transaction cost”
– World Economic Forum, 2016
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