October 19, 2021

Renewable energy sales, VeChain in supply chains and other blockchain initiatives

Blockchain-based solutions have been increasingly moving from the concept verification stage to solving practical pressing problems. In the traditional ForkLog review, we present the most interesting recent initiatives.

IBM Launches Blockchain Platform for Renewable Energy Sales

IBM Corporation with EuropeanEnergy system operators TenneT (Netherlands and Germany), Terna (Italy) and Swissgrid (Switzerland) created a blockchain consortium to track and optimize data transfer between consumers and network operators.

The Equigy platform is based on the Hyperledger Fabric protocol, which provides effective interaction between network operators and owners of electric vehicles and home batteries.

The difficulty of generating electricity fromrenewable energy sources is the inability to predict exactly how much solar or wind energy will be produced in the near future. According to IBM, consumers can solve this problem - by offering their capacities, they will help stabilize the energy market.

For example, users will be able to sell surpluselectricity from their electric vehicles and home batteries during a period of low electricity production. In addition, the solution will help democratize the industry by providing ordinary people access to the electricity market. Currently, large companies and operators of power plants and industrial plants dominate here.

The project will be tested during 2020 in the Netherlands, Germany, Switzerland and Italy, and in case of hurry it can be expanded to the whole of Europe.

Asia-Pacific uses VeChain blockchain to track supply chains

VeChain Platform Joins ConsortiumAPAC Provenance Council, which implements pilot supply chain tracking projects in the Asia-Pacific region. In particular, the consortium will provide integrated blockchain solutions for authentication and tracking of food, wine and other goods.

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The main focus of the consortium will be onexport of goods from Australia to China, the volume of which reaches $ 76 billion. The tasks of trade financing are assigned to Mastercard and Alipay Australia. Supply chains will be tracked through the VeChain public blockchain or the Mastercard Provenance managed blockchain.

Thanks to the use of blockchain, 30% of the amounttrades can be automatically credited to the company’s account when a record of the customs clearing of delivery falls into the register in Australia another 30% - when the goods go to customs in China, the rest - upon delivery.

As noted, payments through a digital wallet are instant, while using traditional methods, their payments take about a month.

Dubai Electricity and Water Authority joins blockchain-based commercial data registry

Dubai Electricity and Water AuthorityResources (DEWA) has joined the first unified city registry based on blockchain technology. Integration will provide DEWA instant access to the database of commercial licenses and will enable the introduction of digital document management, reports Smart Energy International.

Technology Expecteda distributed registry will allow DEWA to increase the efficiency and level of automation of internal operations related to accounts and contracts, as well as improve the quality of customer service.

“The transition to modern technologies will allow us to transform management processes and completely switch to the electronic format of documents by the end of 2021”, - said DEWA CEO Saeed Mohammed Al Thayer.

As part of the initiative, DEWA has already developedOwn strategy of working with digital transactions and implemented blockchain technology for a number of projects and services. Among such initiatives are the Green Charger electric vehicle registration process, as well as smart rental contracts developed jointly with Wasl Asset Management Group and the Dubai Land Department.

Forecast: European investment in blockchain will decrease due to the coronavirus pandemic

The research company International Data Corporation (IDC) expects a temporary decrease in investment in blockchain projects by EU enterprises.

Earlier, DC predicted that the costs of European companies in the blockchain in 2020 will amount to $ 1.4 billion, and the total annual investment growth rate will rise to 58% by 2023.

"Due to lower consumer demand, violationsmany companies postpone innovative projects, including those related to blockchain, until the situation stabilizes, ” - said the co-director of the blockchain division of IDC Carla La Croce

IDC currently expects 2020blockchain technology spending will drop by about 8%. However, in certain areas, the impact of a pandemic can stimulate growth and wider adoption of technology. For example, blockchain has a positive impact on the value chain.

Complex applications like collection and analysismedical data and online voting systems can also benefit from the implementation of the blockchain, as the technology offers reliable data protection and privacy features and is resistant to hacking.

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