Is Hyperledger Blockchain compatible technology with renewable energy?
Blockchain technology in the energy sector
Blockchain is influencing different industries now, and the environment as well. According to the report of the World Economic Forum, Stanford Woods Institute for the Environment and PwC, nowadays there are more than 65 existing blockchain use-cases for the environment and these numbers are increasing. The main reason why companies prefer blockchain is that the technology promises transparent, tamper-proof and secure systems that can enable novel business solutions. Blockchains are shared and distributed data structures or ledgers that can securely store digital transactions without using a central point of authority.
One of the first blockchain applications in the energy sector was the acceptance of cryptocurrencies for energy and electricity payments. Now there are hundreds of blockchain initiatives in the energy sector being pursued by a large number of companies, startups and research institutions.
Blockchain technology for renewable energy
Blockchain and smart contracts may have a great impact on renewable energy. An example is the use of blockchain to manage renewable energy certificate transactions. What do we call a Renewable Energy Certificate (REC)?
Renewable Energy Certificates (or simply RECs) are green energy certificates or tradable renewable certificates. They usually work as proof that energy has been generated from renewable sources such as solar or wind power. Such certificates can be purchased on the trading platforms.
4ire Labs experience in implementing blockchain into REC trading platform
4ire labs team had a chance to work on the development of such kind of platform. It was a marketplace for RECs for green gas.
Our clients decided to create a platform where it’s possible to buy and verify certificates for green gas. As there are lots of parties within the platform (gas manufacturers, buyers, companies that provide certificates) it was really important to keep transparent relations between them and at the same time to protect their data. That’s why it was agreed on using blockchain technology. Our team was responsible for making the system ready for production. Our engineers had worked on the consulting part helping to set the Hyperledger Fabric in production for a few organizations with logging, monitoring, and backups.
Here is the architectural diagram of the platform based on Hyperlegder Fabric:
Please take a look at the full article prepare by our CTO to learn more about the project and its implementation and deployment in production below.
Check ou also the relevant case study in Green Finance based on Chromia Blockchain delivered by our team in Sweden and funded by government entities in Sweden, SEB bank, MISTRA, Ohman, and other financial institutions in the EU. The project is called Green Assets Wallet and the case study is described in detail on our website.
