The joint proposal of HODLNG and Applied Research Solutions, “Bridging Carbon Neutral LNG with the Energy Market – A Novel Ontochain Application” (OTCnLNG), has been selected for funding in the ONTOCHAIN Open Call 3 and will be implemented between October 2022 and August 2023.
ONTOCHAIN – A new software ecosystem for trusted, traceable & transparent ontological knowledge, project aims to enable trustworthy transactions of services and content. OntoChain will define innovative decentralized reputation models that reveal hidden quality and/or type of providers/services, or credibility of data sources, while adequately balancing the trade-off between privacy and trust. OntoChain will enable trustworthy and traceable content handling where authorized parties can process data according to the privacy policies of the data owners. At the same time, it will build an economically sustainable ecosystem, where the total value generated in the system, in terms of profit or well-being, surpasses the total operational costs in terms of electricity consumption. In order to sustain the user community, OntoChain will aim on fair sharing of the generated value among resource contributors and provide appropriate incentives to the user community for participation.
Within the project, our company defines and implements an extended energy ontology, based on the Open Energy Ontology (OEO) with LNG-sector specific features, for broader applicability and use within the ONTOCHAIN ecosystem and community. It will support higher-level semantic web functions (information retrieval, management, and classification, data analytics pipelines) at intersection of logistics and smart energy management about fossil fuel decarbonization, carbon offsetting, and trading. A GHG data management repository will be developed.