Team MIT

Smart Cities Category: Dubai Electricity Subsidy

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Technologies Used

Ethereum
Rasberry Pi

Project Team

Ryan Youngjoon Yi
Corporate Investor Entrepreneur Designer
Abdulla Alhajri
Carolyn E Kent
Investor Entrepreneur Designer
ckent0601
jharveyb
koha

This team is looking for

Product Manager Investor
REQUEST TO JOIN

About

Our hack expands upon the UAE’s green economy initiative by focusing on its two key strategic pillars: creating a low-emissions development model and the more efficient use of current resources. We believe that a huge opportunity exists for utilities in the UAE and around the world to create a transparent and secure subsidy and billing system that benefits the customer and lowers costs for the providers. First and foremost, our solution is secure. “Smart” hardware applications such as smart meters are incredibly vulnerable because the internet is not designed for an IoT system. Our solution amalgamates and broadcasts real-time energy usage so that it’s anchored to a consumer without the susceptibility of having individual IoT devices being hacked. Second, our solution incentivizes consumers to reduce their electricity usage, which is a major focus area for the UAE and the world at large. We securely track and generate energy usage data at a granular level for customers ranging from residences, to industrial factories and commercial office high-rises. Based on this data, the utility can construct price-based mechanisms to incentivize customers to be more energy-efficient, such as special tariffs for certain customers. If a consumer is nearing a certain energy usage threshold, the consumer can be notified to avoid a higher tariff that can be put in place automatically through a smart contract. Consumers’ bills will be updated in real-time thereby increasing transparency and trust in the overall system. As MIT students, our mission is to work with others and generate knowledge to bear on the world's greatest challenges. Our scalable solution benefits customers, energy providers, and the environment through a secure, automated, and customer-centric blockchain prototype. One of the most critical challenges society faces today is combatting climate change. We believe our hack can be adopted by many countries around the world to take step towards a more efficient and greener energy system. --------------------------------------------------------------------------- See Prezi: http://prezi.com/hed5oxnpuril/?utm_campaign=share&utm_medium=copy&rc=ex0share

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