GREENCHAIN, Bringing Blockchain to Renewable Energy

One of the main current environmental concerns is the sustainability of the energy that we consume. However, every time that we turn on the washing machine or the oven, is there a way to know the origin of the electrons that power our home appliances? Basically, they travel through the same cables and are identical to those coming from non-sustainable sources. Currently, in order to establish a source of clean power, a complex verification system is required whereby the producers calculate the total amount of renewable energy generated and, following a certification process by an authorized body, can sell it as such to their clients. That is, if a 30% of renewable energy is produced and half of it is sold to electricity distributors, there will only be a 15% left on their books. Although this system has been implemented in many countries, it is a long, and sometimes cumbersome, process. Supplementary solutions are thus being developed, mainly by making use of the digital validation afforded by blockchain technology. One of the most notable ones is the pioneering GREENCHAIN project backed by ACCIONA Energy to provide their clients anywhere in the world with a traceability system to monitor their consumption of clean energy in real time.

Throughout the first stages of the initiative, ACCIONA Energy worked with Flexidao, a startup focused on the development of software tools for digital services selected within the second edition of ACCIONA’s I’MNOVATION open innovation program. They have now jointly presented a commercial proof-of-concept allowing to trace the energy produced by five wind-power and hydropower facilities in Spain that give service to four corporate clients in Portugal. The test of this proof-of-concept has been carried out by using a platform, Energy Web Blockchain, optimized for the electric power industry.  

In addition to this initiative, ACCIONA Energy already made the headlines last year with a pioneering project under the name of STORe^-CHAIN®, with the goal of creating a blockchain platform that would enable the traceability of the battery-stored energy of two power plants, one of them a wind-farm located in Barásoain and the other a PV plant in Tudela (both in the Spanish region of Navarre).

The STORe^-CHAIN® system allows managing the data recorded by the various meters in the facility in order to register the renewable origin of the stored energy. Such data is recorded on a blockchain platform that validates and guarantees the reliability of the information. Both projects show the potential of blockchain technology and prove the commitment of ACCIONA Energy to lead in the application of new technologies in the energy field.

“The demand for traceable and renewable energy is growing steadily, especially regarding the clean energy traded in the corporate market. And blockchain technology can enable that service for any client around the world. We are delighted to give that first step in a journey that will surely become a trend in the next years”, said Belén Linares, Director of Innovation at ACCIONA Energy.

Blockchain, a solution for electric cars too

One of the most interesting applications of blockchain is its use in charging stations for electric vehicles. Each vehicle will have its own unique digital fingerprint that will allow recording any charge made and automate the associated payment. But, besides that, these vehicles will be able to use their batteries as a source of electricity, providing energy and other features to the network and contributing to its stability.

Source:  ACCIONA