Energias de Portugal (EDP), the global energy company, is using blockchain in the Brazilian market to monitor electricity producers and consumers. The technology helps to track solar energy produced and provided to the grid as well as consumption.
It works using Austrian company RIDDLE&CODE‘s crypto tags. These are sealed tags that verify that a domestic electricity meter hasn’t been tampered with. Using NFC and a phone, the owner can access the tag data and upload consumption and electricity production information. The result is a solar producer receives a discount on their electricity bill.
One of the significant advantages is cost. The Austrian startup sells its crypto tags for Euro 20 retail. In contrast, a smart meter costs in the region of $550, though it provides additional functionality. For example, a smart meter doesn’t require the user to regularly upload data and also enables ‘surge’ pricing by the power company. But the price differential is enormous.
Blockchain links the prosumer producer, consumer, and the energy grid. The solution provides transparency and traceability of the data.
For EDP’s Executive Innovation Manager, Lívia Brando, “The implementation of this innovative solution made it possible to transform a complex process into something simple, effective and safe for the parties involved, encouraging the use of distributed energy in Brazil”.
“We have developed a secure, cost-effective and scalable solution combining EDP’s IT system with state-of-the-art blockchain technology. At the same time, we enable a completely new approach to business,” says Alexander Koppel, CEO of RIDDLE&CODE.
Other energy projects
Blockchain is popular with energy grid projects. For example, railway company Deutsche Bahn is Germany’s fifth largest power generator with solar and wind. And also it is the largest consumer. They re-sell their energy to major corporations and use blockchain to provide transparency and audit capabilities.
Several European energy companies are experimenting with consumer generation and blockchain. And in Japan Electrify is partnering with some of Japan’s biggest energy companies for consumer generation.