ZUG, Switzerland, COPENHAGEN and AARHUS, Denmark, Feb. 16, 2023 /PRNewswire/ -- Concordium contributes to part of the solution in the Danish state owned transmission company Energinet's new platform where blockchain technology must guarantee the credibility of Energinet's green energy certificates.
The central element of the solution is energy certificates, which on a granular level link the production of energy with consumption. In the collaboration, a registration method for power production and power consumption has been developed, which for the first time makes it possible for companies to document exactly how much of their power consumption comes from green power and with timestamps.
Lone Fønss Schrøder, CEO of Concordium, says: "Energinet is a pioneer in the field of registering green energy, and Concordium's blockchain is suitable for creating transparency and the verification of green energy. Energinet and the many consuming companies can now document their green energy consumption in their environmental reports and CO2 calculations and thus ensure against "greenwashing." Our decentralized blockchain technology creates credibility and measurability for the production and consumption of green power, which is important for the entire energy sector and society as a whole."
The solution can scale to other transmission providers.
Blockchain is part of the solution in the green transition
The decentralized nature of blockchain technology ensures that certificates cannot be tampered once issued. You can thus verify the certificates and trust their validity without being dependent on individual players in the ecosystem, which allows for real interoperability between all participants in an ecosystem.
With the requirement that granular certificates can be issued at short intervals, the solution is designed to handle a very large number of transactions. The platform therefore groups transactions via blockchain technology in so-called Merkle trees, which makes it possible to document the correctness of billions of registrations, but with a limited number of registrations on the Concordium blockchain. This makes the solution cheap to operate.
Although the solution allows for public verification of energy certificates, detailed usage or production information is treated confidentially in the certificates. Consumers and producers thus have control over this data themselves, and can publish it at their own discretion, for commercial or legislative reasons, but the data remains immutable.
The collaboration between Energinet and Concordium is an important step forward for Denmark's sustainable development as similar solutions can be adopted outside of the partnership and scaled to global transmission systems, representing a solid indication of blockchain technology's potential to drive positive global change.