Non Executive Director | Board Advisory on Digital Transformation | Author | Fintech | Tech Policy | Technology and Innovation Consulting | President Barack Obama YALI Fellow
It’s important when you have successfully implemented a corporate innovation project to make sure your can be in the line of sight of senior management
The traditional energy retail market regulated by Ofgem is obsolete. Why? ① Decentralization We buy and sell energy directly from our neighbors, bypassing the middleman and taking control of our energy supply. By creating a secure and transparent platform for peer-to-peer energy trading, blockchain facilitates local energy markets, enabling households with solar panels or other renewable generation to become mini-power plants. Decentralized Autonomous Organizations (DAOs) further enhance this vision by enabling communities to collectively own and manage renewable energy assets. For instance, a neighborhood solar farm managed by a DAO, where members vote on how the energy is generated and distributed, ensuring fair pricing and prioritizing local needs. ② Efficiency and Transparency Blockchain's inherent transparency and automation streamline the energy market, reducing costs and increasing trust. Smart contracts, self-executing agreements on the blockchain, automate billing and settlement processes, eliminating intermediaries and their associated fees. This technology also enables real-time energy data sharing, facilitating dynamic pricing and demand-side response programs. Our smart fridge can automatically adjust its energy consumption based on real-time grid conditions and price signals, saving us money and contributing to a more stable energy system. ③ Empowering Consumers In this new energy landscape, consumers are no longer passive recipients of energy but active participants in its generation and distribution. They choose their energy sources, participate in local energy markets, and even invest in renewable energy projects through tokenized energy assets. This shift towards consumer empowerment is further amplified by DAOs, which give individuals a direct voice in the governance of their energy systems. Decisions about energy generation, distribution, and pricing are made collectively, ensuring fairness and prioritizing community needs. The Future is Decentralized The traditional energy retail market is obsolete. Blockchain and DAOs is an alternative for a future where energy is generated and distributed locally, consumers are empowered, and the transition to a sustainable energy future is accelerated. #energytransition
We are excited to launch our new consultation initiative, designed to address regulatory barriers to innovation in the retail market. Our goal is to enable innovation, bringing products to market that not only benefit consumers but also support our journey towards achieving net zero goals. We would particularly be interested in hearing from small to medium innovators looking to bring their product to market. For more information ⬇️ https://ow.ly/nPmC50TAYGL
Innovation in the O&G sector is crucial as it drives value creation. Recognizing its increasing importance, we are committed to staying at the forefront of this evolving landscape. With the completion of Phase I of our innovation excellence initiative, we are moving along this transformative path with sustained momentum. This initial phase included a comprehensive innovation strategy that was developed for the K-Companies and set our priorities and path towards unveiling innovation. This strategy outlines a clear north star and establishes strategic objectives, guiding our actions and ensuring alignment with our long-term goals. Having laid this groundwork, we have now kicked off a fully-fledged deployment phase. Today, we are focused on action – introducing innovation in all aspects of our operation, leveraging our efforts through robust management processes and a solid implementation roadmap. We are excited to embark on this journey together and drive innovation to align the Oil Sector with Excellence and eventually turning groundbreaking ideas into tangible results!
