Blockchain and renewable energy credits
The two projects mark another step in the expansion of the Energy Web blockchain infrastructure in the energy sector and build on other pilots and rollouts under way. The aim is that energy assets such as thermostats, solar PV systems, batteries and electric vehicle charging stations can undertake automatic registration with a decentralized ledger of identities, enabling their utilization for grid services such as virtual power plants and frequency regulation. One promising solution is an identity ledger that is being tested on blockchain technology. It could provide great insight into constructing a digital market design. As such it is slated as the first energy blockchain project to leverage a multi-blockchain architecture.
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Blockchain and renewable energy credits
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Content:
- Energy system blockchain solutions
- Renewable Energy Certificates
- Crypto Climate Accord will shift cryptocurrency industry to 100% renewable energy by 2030
- Integrated accounting tools for a distributed energy future
- To ‘Electrify Everything,’ Blockchain Projects Dial Up Green Energy
- IBM to tokenise renewable energy credits
- IBM develops tokenized blockchain offering for renewable energy certificates
- Blockchain technology in renewable energy certificates in Brazil
- EcoWatt: Next Generation Green Energy Project Putting Carbon Credits on the Blockchain
Energy system blockchain solutions
You want to have a more positive impact on the environment and shift towards cleaner and greener energy sources. You buy green energy or invest in new renewable assets. But how do you prove that your daily consumption is green?
How to quantify the overall impact on the planet? How do you know precisely where your green electricity originates from? This autonomous device can be plugged into any type of meter on production and consumption sites to instantly start collecting data in real-time. With the device, the data is then signed and can be registered on any blockchain for decentralized application. This guarantees the authenticity of data put on the blockchain and its usage in new innovative solutions. We record in real-time the kWh generated and consumed on-site.
Based on your preferences, our matching engine calculates the volumes of energy exchanged between the renewable assets and your sites and the impact in terms of CO2 avoided. This information is registered in tamper-proof certificates on the blockchain and accessible on TEO with all other production and consumption data.
There is a clear and strong energy sector dynamic driving production from large centralized units to smaller, decentralized ones, thus opening a world of opportunities and needs for new types of services.
Blockchain technology has the potential to become the digital infrastructure that will support this fast-evolving market and will be a key enabler for new emerging use cases such as peer-to-peer trading, crowdfunding, demand-side management, traceability, etc.
However, retrieving green energy data securely and integrating it in the blockchain continues to be a major challenge. Key figures TOP How it works This autonomous device can be plugged into any type of meter on production and consumption sites to instantly start collecting data in real-time. Contact Us.
Renewable Energy Certificates
South Pole, ixo Foundation, and Gold Standard to use new blockchain application at solar PV project in Thailand to monitor, report and verify greenhouse gases. Zurich, Switzerland, 11 September - South Pole is partnering with the ixo Foundation , developer of the Blockchain for Impact, and Gold Standard , the benchmark standard for climate and development projects, to develop an application and impact tokens on the ixo protocol that will facilitate the monitoring, reporting and verification MRV of data for compiling greenhouse gas GHG inventories and originating carbon credits. The project will demonstrate the feasibility of such an application at an innovative solar photovoltaic PV project bundle in Thailand that is owned by Siam Solar Energy and registered under the coveted Gold Standard. This application protocol is intended to serve as a means of submitting verified data and automatically issuing certified carbon credits. South Pole and the Gold Standard are leaders assuring the supply chains for generating, certifying and trading carbon credits. Enabling these organisations to scale with cost-saving and process efficiencies would be game-changing in ways that are important for us all.
Crypto Climate Accord will shift cryptocurrency industry to 100% renewable energy by 2030
Last month, we held our second executive summit on blockchain in New York. Like last year, leading corporate executives gathered to meet some of the most promising innovators in the space. But the state of play has changed radically over the year, and so has the mood. Last November was full of hype, in the middle of the peak ICO wave. This was echoed in the rich content planned for the day — our focus was on the scale-up challenges that blockchain innovation is facing in energy and mobility, and on the projects that are getting close to commercial viability. We started the day with an update on the technical scalability of blockchains, given by Catherine Woneis of California-based startup Cryptowerk. According to Catherine, blockchains are by nature not scalable, as the technology was built on the premise of distrust between parties. Each transaction must be processed independently by every node in the network, and every transaction signature must be verified. This is the case for public blockchains like Bitcoin or Ethereum, which can respectively process 7 and 15 transactions per second, far below the needs of the energy sector.
Integrated accounting tools for a distributed energy future
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To ‘Electrify Everything,’ Blockchain Projects Dial Up Green Energy
As the world's electricity supply shifts more and more to renewable energy sources, an emerging challenge is how do we keep track of the energy produced by "clean" sources? Once produced, the electricity is indistinguishable regardless of the source but often government and companies want to track and incentivize renewable energy, and this problem is further compounded by the existence of many distributed energy resources like individual rooftop solar grids. Currently, this problem is solved by a system of tradable certificates, which allows both for the tracking of energy production and the sale of excess energy produced by individuals in this distributed grid. Unfortunately, the certificate system has many problems that hinder the growth of clean energy, such as requiring the existence of centralized authorities to track and validate certificates and the sharing of data that many companies and individuals would rather keep private. Furthermore, the certificate system can be expensive to run, inconsistent across countries, and subject to double spending. Blockchain technology, most well-known for its implementation in the cryptocurrency bitcoin, can be thought of as an encrypted, distributed ledger maintained by many nodes in the system.
IBM to tokenise renewable energy credits
Green certificates and carbon credits. The certification of renewable energy sources is a complex and costly process requiring a central verification agency. For these reasons, the green certificate markets used to be reserved to large customers only. Under new business models using blockchain, smart Power Purchase Agreements PPAs might become accessible to more producers and consumers, might be cheaper to put in place and take less time to validate, if blockchain registry is used. By simplifying the Power Purchase Agreement PPA process, more consumers will be willing to source their energy from renewables. PPA offers can therefore be added to a blockchain-based network, for off-takers to buy them directly without going through a long and burdensome process.
IBM develops tokenized blockchain offering for renewable energy certificates
We use blockchain to match energy production data and energy consumption data every hour of the day - linked to the official energy certificates. Get one control room to monitor your renewable energy portfolio, certificates and emissions in one place. Consolidate your global Scope 2-related data, incl. Prove the correct cancellation of your green energy certificates and understand the true origin of your renewable energy.
Blockchain technology in renewable energy certificates in Brazil
RELATED VIDEO: Developing Blockchain for the Energy SectorUsing this technology, we have managed to link plants where electricity is produced to specific points of consumption, allowing the source of the energy to be traced. This increases transparency and ultimately encourages the use of renewable energy. Using blockchain to innovate for a better world. Blockchain is here and is revolutionising the electricity market.
EcoWatt: Next Generation Green Energy Project Putting Carbon Credits on the Blockchain
Daniel Kuhn. The idea that bitcoin mining could subsidize and catalyze a greener electricity grid is already playing out. It was announced today that Compass Mining, a startup that crowdsources hashrate, inked a year deal with Oklo, a nuclear fission company that builds microreactors, to supply the crypto network with low-cost, carbon-neutral power. The deal sees Compass sop up excess energy from various microreactors — with the potential for nuclear sites eventually to be dedicated to bitcoin mining. The same qualities that make Bitcoin a secure, permissionless and tamper-proof payments network also make it an energy guzzler. But crypto industry advocates have argued that bitcoin and other cryptocurrencies are an essential part of developing a carbon-neutral grid. Square is funding a solar-powered bitcoin mining facility with Blockstream, El Salvador is looking to tap into vast geothermal reserves as a mining experiment and several crypto firms are getting more involved in carbon offset programs.
The new solution named enerT is positioned as aimed to revolutionise the existing high cost and cumbersome nature of energy certificate trading and an intelligent solution with regards to full disclosure certification of energy. For example, in addition to the amount of energy generated by mixed sources, tokens created in the network could also store other useful characteristics such as CO2 emissions in the energy supply chain. A tokenised energy marketplace would offer a wide range of trusted certificates in terms of energy types and origin, a blog post states. Such a network would allow suppliers and consumers to trade energy certificates efficiently and inexpensively.
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