Crypto tags enable smart functionalities for conventional meters and automation of the net metering process on the Blockchain
Energias de Portugal (EDP), a leading company in innovation in the Brazilian electric sector, becomes the first in the market to use blockchain technology for the measurement and recording of energy consumption and distributed generation coming from its consumers. The pioneer solution facilitates the process of managing the energy produced by the solar plants and consumed by the customers, the so-called ‘prosumers’, who consume and produce energy at the same time.
The project was created in partnership with the Austrian Innovation Leader RIDDLE&CODE, who has developed a non-removable cryptographic tag. By attaching these tags to domestic energy meters, measuring the co-consumption of each user and facilitating calculations for charging and taxing become possible without the need to install an intelligent meter. Thus, it is possible to safely assign if there was an excess of energy or if there will be a discount on the invoice.
Among the benefits of this solution is the improved management of energy flow decentralization with the connection of the three agents involved: distributor, consumer and distributed generation plant. It guarantees the veracity, transparency and traceability of data, the possibility of registering the customer and the remote meter reading of conventional meters. The design of the solution using Blockchain technology aims to ensure the scalability and sustainability of the entire system.
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.
RIDDLE&CODE is the European leader in blockchain interface solutions. Their hardware and software allow companies to master the challenges of our digital society, such as machine identity, product provenance, and supply chain management. Since its foundation, RIDDLE&CODE has been working successfully in international companies and institutions. The company has been recognized with several awards for its technology.
More information: www.riddleandcode.com