Transelec implements blockchain in its operations
The Chilean energy distribution company, Transelec, is increasingly committed to renewable energy and environmental care, and has announced the launch of a blockchain platform where the values of the renewable energy produced by the company can be tracked.
Blockchain and the green economy
Transelec, the electric distribution company in Chile, has announced the implementation of blockchain technology for the certification of the renewable origin of its energy. The company generates energy through four photovoltaic panel substations installed on the roofs of buildings located in the La Araucania, Maule and Santiago Metropolitan regions in mid-2019. According to official Transelec sources, the platform is currently operating. Chile is positioned as a reference not only at the Latin American level, but also worldwide in relation to its strong commitment to renewable energy and the environment.
The implementation of new technologies such as the blockchain is part of a larger and more ambitious project that Transelec has that aims to reduce the company's CO2 emissions through the implementation of photovoltaic panels that generate clean and renewable energy that contributes to environmental commitment. Research from Global Market Insights reported that the implementation of blockchain technology has been increasing exponentially in the energy sector in recent years and estimates that the market value will grow to around USD 3 billion by 2025.
Transelec explained that the 20 photovoltaic panels they currently have generate around 16 Mwh of renewable energy and affirms that "these values are being measured directly from the generation points and are updated with a smart meter that records the energy produced by the panels and the consumption, information that is sent by a wireless communicator to a blockchain platform capable of identifying where the energy consumed comes from."