1.1. REC's Proposal

ABSTRACT

REC (Renewable Energy Chain)’s Proposal

We are in the midst of a major paradigm shift in energy. As part of our global aspirations for a more sustainable future, we have shifted from traditional centralized fossil fuel-mediated energy to more distributed, renewable and clean energy.

The scale and pace of the energy revolution has grown rapidly, solidifying in 2017 as the dominant source of global energy demand, which now exceeds nuclear power and increases renewable energy.

While the renewable energy industry is surging worldwide amid our positive intent to achieve sustainable development, significant levels of inefficiency in both industry and consumer markets still require constant attention.

Despite the mass introduction and diversification of clean energy sources such as solar, wind, geothermal and biomass, standardization of renewable energy is limited to some countries and stakeholders, dividing certain markets and isolating consumers. In particular, the problem of data integration and distribution is a major threat to the positive vortex of the current renewable industry and market, even though the industrial-scale economy is growing due to technological advances. Given the size of the global energy market and the increasing trend of decreasing energy populations, small procedures and improved supervision can have a dramatic impact on the sustainability of industry, consumers, and future global communities.

Considering that this bottleneck hinders the progress of the renewable energy market, REC proposes a blockchain-based integrated data platform for the global energy landscape.