Formulating a Comprehensive Legal Framework for Blockchain Technology in the Energy Industry of Malaysia

Project: Research

Project Details

Project Description

In recent years, several initiatives and projects have been launched in Malaysia to explore the potential of blockchain in energy trading and management. One of the notable blockchain initiatives in Malaysia's energy industry is the Power Ledger. This project, launched in 2018, aims to use blockchain technology to facilitate peer-to-peer energy trading among consumers. Another notable project in Malaysia's energy sector is the Energo Labs. Both the project is being implemented in collaboration with local energy companies, including SEDA and TNB. One of the main challenges facing the adoption of blockchain technology in the energy industry in Malaysia is the lack of clear regulations governing its use. This could create legal uncertainties and potential liabilities for businesses that choose to adopt the technology. Additionally, the use of blockchain technology in the energy raise concerns around data privacy and security, particularly in the context of the Malaysian Personal Data Protection Act (PDPA). Furthermore, legal issues related to the ownership, licensing, and protection of intellectual property in the energy industry could arise due to the utilization of blockchain. Then again, the use of smart contracts on the blockchain could raise issues related to contractual obligations and liabilities. For example, if a smart contract fails to execute as intended, who is liable for any resulting losses or damages? To address these issues, this proposed study seeks to formulate a legal framework to assist in the standardization of the peer-to-peer energy. Standardization of regulation is necessary to achieve Sustainable Development Goal 7, which promotes universal access to sustainable and affordable modern energy systems. This study will use qualitative research methods, including semi-structured interviews with industry professionals, academics, government employees, and legal experts, to shed light on the opportunities and challenges of blockchain integration and pave the way for a comprehensive legal framework.
Effective start/end date1/10/2330/09/25