Blockchain & Clean Energy Sources Traceability

ENEDEX is a DEX for trading and a platform for sustainable energy start-ups to raise capital and list tokens in a decentralized and interoperable environment.

One of the key issues related to sustainable energy and its proportion in the energy mix is that, at current state of affairs, it is not possible to trace the energy from its points of consumption to its point of origin, i.e. to the source.

Renewable Energy Certificates

Despite your energy provider’s claims that, for example, 60% of the delivered energy is from renewable sources, how do you know whether the gas in your boiler or the electric power heating your dinner was actually generated by a wind turbine or photovoltaic source? The answer is simple: you don’t know because your energy provider also does not know as the various energy sources are fully “mixed” when passing through the distribution network from the source to the point of consumption.

As a workaround for the above described problem, the system of Renewable Energy Certificates was put in place. It intends to provide assurance that the corresponding proportion of energy is indeed produced from renewable sources. A Renewable Energy Certificate, or REC, is a market-based instrument that represents the property rights to the environmental, social, and other non-power attributes of renewable electricity generation. RECs are issued when one megawatt-hour (MWH) of electricity is generated and delivered to the electricity grid from a renewable energy resource. In the US, RECs are the accepted legal instrument through which renewable energy generation and use claims are substantiated in the U.S. renewable energy market.

Having these certifications means when a renewable energy provider supplies energy to the grid they get a renewable energy certificate (REC). But the power generally is not traceable as it mixes in with other sources. Companies can buy and ‘retire’ (remove from circulation) RECs to prove to governments and consumers that they are abiding by any clean-power regulations and are environmentally friendly.

Blockchain Alternative to RECs

As an alternative to the Renewable Energy Certificates system a blockchain-based traceability and certification system on a fully digitized basis emerges as a suitable solution. Blockchain technology can be used to guarantee, in real time, that the energy supplied and consumed is 100 % renewable. Using blockchain, it is possible 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.

Blockchain is here and is revolutionising the electricity market. This technology is an efficient way of allocating generation assets to a specific point of consumption, and can even be used to establish a hierarchy of priorities when it comes to sources of origin. This allows renewable energy certification processes to be sped up and automated, as there is a greater degree of traceability.

Blockchain also guarantees the transparency and security of the transaction, which remains permanently recorded in the platform, allowing all parties to audit the results. This technology also makes it possible to work under smart contracts which are performed automatically when both parties fulfil the agreed terms, thereby cutting out intermediaries and simplifying the process. This reduces costs, substantially increases process efficiency, while improving security of data including privacy protection.

Blockchain technology is a key tool to speed up the process of decarbonising the economy, as it makes transactions traceable, secure and quick. This technology makes the supply of green energy more efficient, flexible and transparent, which incentivises the production and consumption of 100 % renewable energy.

ENEDEX as Enabler to Traceable 100% Renewable Energy

The vast opportunities related to blockchain-based traceability between the energy sources and energy points of consumption announce an onset of new blockchain-related projects in the large energy sector. ENEDEX acts as both a revolutionary decentralized exchange for trading of energy-related futures and options as well as a platform for sustainable energy startups to raise capital. Projects related to efficient blockchain-based sustainable energy traceability have an immense potential to realise their concepts and ideas to make the final decisive step on society’s roadmap for a sustainable future.

Currently, energy trading is accessible only at wholesale level, fully inaccessible to smaller investors. New alternative energy sources will bring new opportunities when it comes to trading energy futures and option contracts related to green energy sources such as hydrogen or new flexible nuclear sources. The decentralized exchange ENEDEX will allow for revolutionary crypto-based trading of clean energy futures and options including democratization and access to trading to everyone thanks to fractional trading. Supported by cutting edge blockchain ecosystems of quantum-proof DCore and Polkadot with near-real time transactions settlements, everyone will be able to contribute to the rise of clean energy alternatives to the outdated gas-fired energy sources.

$ENE

$ENE provides the ability to hedge the financial exposures in energy and crypto offering with a solution to the financial elements of cryptocurrency mining for renewable energy and traditional oil and gas companies. ENEDEX listed products include cross pair trading of traditional and renewable energy products with BTC and ETH. ENEDEX will be implementing technologies of Polkadot and Moonbeam on top of DCore to offer near gas-less fees and functions as a platform for DeFi developers to build and list decentralized product. Join the revolution!

Join the energy revolution! Seed Sale is open NOW, visit www.enedex.org to register!

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The first Polkadot Moonbeam crosschain DEX for energy trading providing an easy way to kickstart new projects and raise capital