Sale of renewable energy VeChain in supply chains and other initiatives in the field of blockchain

Sale of renewable energy VeChain in supply chains and other initiatives in the field of blockchain

Solution based on blockchain technology in recent years, increasingly moving from the stage of proof-of-concept to practical solution to pressing problems.

IBM launches blockchain platform for selling renewable energy

IBM Corporation together with European power grid operators TenneT (Netherlands and Germany), Terna (Italy) and Swissgrid (Switzerland) created a blockchain consortium to track and optimize data transfer between consumers and network operators.

The Equigy platform is based on the Hyperledger Fabric Protocol, which provides effective interaction between network operators and owners of electric vehicles and home batteries.

The difficulty of generating electricity from renewable energy sources is the inability to predict exactly how much solar or wind energy will be produced in the near future. According to IBM, this problem can be solved by consumers-offering their capacity, they will help to stabilize the energy market.

For example, users will be able to sell excess electricity from their electric vehicles and home batteries during a period of low electricity production. In addition, the solution will help to democratize the industry by providing access to the electricity market for ordinary people. At the moment, it is dominated by large companies and operators of power plants and industrial installations.

The project will be tested during 2020 in the Netherlands, Germany, Switzerland and Italy, and in case of a rush, it can be expanded to the whole of Europe.

VeChain blockchain is used to track supply chains in the Asia-Pacific region

The VeChain platform has joined the APAC Provenance Council consortium, which is implementing pilot projects to track supply chains in the Asia-Pacific region. In particular, the consortium will provide comprehensive blockchain solutions for authentication and tracking of food, wine and other goods.16c6c44711b2f653f0daabc468c99480973005fa72550ddbbbf8bd044cf0e858.jpeg

The main focus of the consortium will be on the export of goods from Australia to China, the volume of which reaches $ 76 billion. Trade Finance tasks are assigned to Mastercard and Alipay Australia. The supply chains will be tracked via the vechain public blockchain or the Mastercard Provenance managed blockchain.

Thanks to the use of blockchain, 30% of the transaction amount can be automatically credited to the company's account when the record of the customs clearance of the delivery gets to the register in Australia, another 30% - when the goods get to customs in China, the rest - on delivery.

As noted, payments via a digital wallet are instant, whereas with traditional methods, they take about a month to complete.

Management of electricity and water of Dubai joined the commercial register on the basis of the blockchain

The Dubai electricity and water authority (DEWA) has joined the first unified city registry powered by blockchain technology.

The integration will provide DEWA with instant access to the commercial license database and enable the implementation of digital document management, according to Smart Energy International.

It is expected that the use of distributed Ledger technology will allow DEWA to increase the efficiency and level of automation of internal operations related to accounts and contracts, as well as improve the quality of customer service.

"The transition to modern technologies will transform management processes and fully switch to electronic document format by the end of 2021," SAID DEWA CEO Saeed Mohammed al Thayer.

As part of the initiative, DEWA has already developed its own strategy for working with digital transactions and implemented blockchain technologies for a number of projects and services. These initiatives include the registration process for Green Charger electric vehicles, as well as rental smart contracts developed jointly with the Wasl Asset Management Group and the Dubai land Department.

Forecast: European investment in blockchain will decline due to the coronavirus pandemic

Research company International Data Corporation (IDC) expects a temporary decrease in investment in blockchain projects by EU enterprises.

DC previously predicted that European companies ' spending on blockchain in 2020 will amount to $1.4 billion, and the combined annual growth rate of investment will rise to 58% by 2023.

"Due to reduced customer demand, disrupted supply chains and widespread remote work, many companies are putting off innovative projects, including those related to blockchain, until the situation stabilizes," said Carla La Croce, co — Director of IDC's blockchain division

Currently, IDC expects that in 2020, spending in the field of blockchain technologies will decrease by about 8%. However, in certain areas, the impact of the pandemic may encourage growth and wider adoption of technology. For example, blockchain can have a positive impact on the value chain.

Complex applications such as medical data collection and analysis and online voting systems can also benefit from the introduction of blockchain, as the technology offers reliable data protection and privacy features and is resistant to hacking.


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