Maoneng Group Launches It’s New Blockchain-arm, Transcendence
On 29th Nov, one of the leading solar developers in Australia and owner of renewable energy assets, Maoneng announces the launch of its most awaited project, Transcendence which is a blockchain-based platform for the development and management of sustainable, renewable energy and socially valuable infrastructure projects.
According to the press release, the venture has been developed with the support of Simon Corbell, the Former Deputy Chief Minister of the Australian Capital Territory, Attorney-General, and Minister for the Environment and Climate Change.
Simon Corbell praised the platform by saying,
“Transcendence is an innovative and powerful new platform aiming to leverage the decentralized capability of renewable energy.”
“Its focus is on enabling more renewable energy projects to be developed more quickly, led by a range of new players. Accelerating development of renewable energy is vital to secure a sustainable future for all.”
The Challenge with the Current Infrastructure Model
The existing model for renewable and sustainable infrastructure development is fundamentally closed and opaque. It is inaccessible for local communities and smaller organizations.
In an interview, Qiao Nan Han, CEO of Transcendence said that the renewable sector has predominantly been controlled by investment banks, government bodies, experienced investors, and some emerging developers who principally focus on profit maximization and fee extraction. The outcome is a wasteful and inefficient industry with the accompanying attributes:
- The mind-boggling expense of doing business due to non-transparent charges
- Limited community interaction
- Only large corporations and experienced investors get the advantage to participate in the project and investment opportunities
The motive to create Transcendence (TSD) platform
Transcendence (TSD) aims to enable people who are interested in sustainable infrastructure development to collaborate, raise capital and deliver projects via a blockchain-based platform.
According to its white paper, the ambition of this platform is to reduce the financial hindrance and to accelerate the advancement of the Sustainability Revolution by empowering communities and streamlining infrastructure development.
Benefits by using Blockchain Technology
CEO of Transcendence, Qiao Nan Han stated in an interview,
“…we believe it (blockchain) is something that is very easy to learn how it works, but difficult to break from a hacking perspective.”
Transcendence (TSD) used the decentralized blockchain model using the Ethereum platform to solve the above-mentioned pain points and offers these benefits:
- Open and transparent to multiple stakeholders
- Allows for community interactions
- Liquidity via tokenization
- Accessible via local government bodies
It will be interesting to see if Transcendence will be able to revolutionize the traditional high-risk and high-return business model using Blockchain platform or not.
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