A company in the energy sector in Uruguay opted for a solution based on blockchain to speed up transactions in the renewable energies and distributed generation. This is Ventus, an energy signature uruguayan, a specialist in the construction of wind energy projects, which it agreed to a strategic alliance with PowerLedgers, enterprise business solutions with networks blockchain.The link has allowed the development of a system that uses a chain of blocks for the registration of operations, in which there was a saving of 30% on the operating costs of the firm, and also provides for optimizing the energy trading.In effect, they created a model of automation that allows us to predict the generation and estimate the value of the energy, in order to lighten the decision-making about the destination of the sale.Marcelo Breton, CFO & director of sales for Ventus, told Breaking News that the result of this alliance was the creation of a software, that allowed to export 153.960 MWh of renewable energy during the last year. It also made it possible to remove the margin of human error and that it could take decisions in time real.De similarly, the automation and the registration blockchain resulted in a reduction of 30% in operating costs pertaining to the commercialization of energy.In this sense, Breton stressed that among the most salient characteristics of the use of blockchain will accentuate the transparency and the inability of the software to be hacked.
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Benefits of using a network blockchain
In terms of the benefits of using a registry, blockchain-integrated model of automated predicts the generation and estimation of the value of the energy, Breton pointed out that in reality the network blockchain is part of a larger solution that addresses the automation of some processes that were carried out in marketing.Marcelo Breton explained that the network blockchain is based on Hyperledger Fabric. Photo: @VentusEnergia on Twitter“In this case, this chain of blocks is used for the registration portion of the transaction and decision-making as the price of energy on the market”, he explained.In this regard, commented that this is achieved through the execution of a contract smart contract) that checks the price of energy and register your destination taking into account the best value that can be sold per hour.“Registers the gain of each park. While in the prediction of the generation we used an intelligence that takes data available on the Internet about the prediction of winds,” he said.Breton explained that the system uses a network blockchain private. It is a solution based on Hyperledger Fabric, with the participation of ten nodes, of which nine are operated by producers and one corresponds to the marketer.
Contracts smart
The executive noted that one of the improvements that leads to the implementation of a solution based on blockchain, is the possibility of using smart contracts or contracts with smart for the registration of data, which are immutable for a consortium of participants that do not belong to the same entity.He commented that each transaction log is validated by the network of participants, which generates trust and transparency in the marketer, customers and suppliers.With respect to which any interested party may have direct access to participate as a node, Breton explained that the governance of the network is defined by and for the participants that currently exist.
It is intended in the roles of type of participants that are at this time, in a process of commercialization of energy. At this point think about to adapt this solution to other markets, and if the interested party can participate as a node accepting their role within the network.Marcelo Breton, director of sales for Ventus
The accuracy of the data
When asked how they ensure that the data added to your network are certain, Breton pointed out that “what was done was to contrast with the traditional method that was used by the marketer to make sure of this.”The system records on a blockchain the gain of each wind farm. Photo: @VentusEnergia in TwitterDestacó also that there is a regulatory entity in the electricity market, which provides data of generation and value of the energy park that will be used to compare decisions.Regarding what has improved the use of blockchain in the process of trading of electricity, said that the savings more important have been generated in the count or headcount allocated to this project, and the hours usually dedicated to this type of transaction.
At the beginning, even though our team worked on transactions and control, gradually we have been leaving the system to function in a way artificial, which has avoided significant expenses. In turn, there is a savings in the opportunity cost and decision making in real-time automatically.Marcelo Breton, director of sales for Ventus
As the manager of the code the same, noted that it reached a strategic partnership, and today they work together to PowerLedgers, solutions company in the business of network blockchain.
Optimize the profitability
Breton recalled that the implementation of a solution based on blockchain originated in the purpose of an agreement signed in 2017 with the compañia Administradora del Mercado Mayorista eléctrico (Cammesa) for the sale of energy from Uruguay to Argentina.The joint strategic was the sell through of energy packages weekly, produced by the 73 megawatts (MW) of power installed and operated by Ventus, distributed in eight wind farms located in Uruguay.According to Breton, the spirit of the agreement was to optimise the profitability of the parks operated by Ventus using an alternative in the sale of energy to the domestic market.As has been pointed out Breaking News, companies are investing large amounts of money to carry out applications with blockchains focused on renewable energy. In fact, looking that the users have the possibility to choose between different energy resources and choose the provider. Bet thus to the democratisation of the energy industry.