1. Internet of Things : IoT (Internet of things) can help increase efficiency in producing, selling, and distributing.

a.IoT-enabled energy storage and analytics tools can analyze market data to help reduce the imbalance in the supply and demand of renewable energy.

b.IoT-enabled devices can benefit drilling management and improve health and safety in offshore oil and gas (O&G) production. Interconnected static sensors, mobile sensors, and cameras can provide real-time data for preventive maintenance, monitoring energy assets, and optimal decision-making in O&G production.

c.Advanced Metering Infrastructure (AMI) systems enabled by IoT-based smart meters can provide real-time consumption data for monitoring the use of energy, voltage fluctuation, tampering, and power outages. These systems can significantly increase efficiency in energy distribution and can also be operated remotely.

2. Big Data: 2. AI and Advanced analytics

a.AI (Artificial intelligence) managed smart grids are networks that enable the intelligent flow of energy and data between the energy provider and consumer. This network enables the collection, storage, and analysis of vast amounts of data that can be used through advanced analytics and machine learning for fault identification in energy production plants and accurate energy demand forecasting. As a result, AI-managed smart grids can drive efficiency across the energy value chain.

b. More accurate forecasting and prediction from AI programs can harmonize fossil fuel and renewable energy provision. This can lead to increased efficiency and lower costs.

3. Automation : Automation can benefit the energy sector in the following ways:

a.Repetitive and error-prone tasks such as meter reading validation, billing, payment reversals, and complaint management can be automated with RPA (Robotic process automation) in energy trading.

b.Robotics also has various implications in renewable energy. For instance, bots can regularly survey and maintain large equipment in solar farms and help avoid failures and accidents.

4. Cloud Computing : The implications of cloud computing are mainly in the management of energy production, distribution, and provision.

a.Cloud computing applications can enable collaboration and enhance the visibility of financial and operational data across the network for better cost management and optimal decision-making on spending, productivity, and cycle time.

b.Cloud can also be used to enhance customer experience by providing them with real-time insights into their current and forecasted energy consumption.

c.Cloud technology can also be used in the predictive maintenance of expensive energy assets. For example, optimal scheduling can be created for maintenance, and backups can be managed automatically to avoid downtime and expected outage.

5. Implications of blockchain in the energy sector :

a.The growing network of energy transactions has created serious security and trust concerns from the parties involved. Blockchain technology has implications in transparent peer-to-peer energy trading.

b.Blockchain technology can also keep track of the source of renewable energy and record the carbon footprint of different parties involved in the network.

c.Another potential implication is in energy grids. Excess energy can be stored in the blockchain through smart meters, and algorithms can automatically match buyers and sellers of that excess energy using smart contracts.

d.Successful small-scale blockchain technology pilots are being used for transparent and efficient energy trading worldwide.