Spanish power giant Endesa wants to develop energy industry solutions through blockchain technology

Rage Comment : Many startups around the world are trying to use blockchain in the energy industry. Recently, Endesa, a large Spanish energy company, opened a blockchain laboratory and publicly called on any participants interested in developing distributed ledger solutions to develop blockchain-based solutions in the energy industry and transform the current infrastructure model of the energy industry. Looking back at the beginning of 2016, a company demonstrated a "smart plug" that can reduce users' daily electricity bills; German power company Enercity uses Bitcoin as a payment method to allow users to settle utility bills, hoping to achieve a global sustainable energy market.

Translation: Nicole

Spanish energy company Endesa has unveiled plans to open a blockchain lab to encourage the development of blockchain-based solutions in the energy industry.

Endesa, Spain’s largest electricity company, has joined a diverse group of companies looking to use blockchain technology to develop industry-specific applications.

Through its open collaboration platform Endesa Energy Challenges, the electricity provider has publicly called on anyone interested in developing distributed ledger solutions to become part of the company’s blockchain lab.

The new blockchain lab was established to accelerate the emergence of new blockchain applications and use cases in the energy industry, while transforming the energy industry's current infrastructure model.

The initiative is one of the latest in a number of efforts to implement blockchain solutions in the energy industry. From the beginning of 2016, a proposed application demonstrated the possibility of an innovative “smart plug” that would help reduce users’ daily electricity bills. More recently, German power company Enercity added Bitcoin as a payment method for users to settle utility bills.

The transformative potential of blockchain

Endesa praised blockchain as a “complementary technology that can facilitate the development of Bitcoin” and change the way business is conducted around the world. Endesa also said:

“It is a digital ledger that is virtually impossible to corrupt, and the information stored on it can never be deleted.”

The abstract adds:

The goal of Endesa's platform is to learn; to make controlled errors and examine the possible impact; and to understand the rules in a decentralized world, although there is still a long way to go to achieve the goal of decentralization.

The open invitation is for participants from all over the world, whether individuals, startups, companies or universities. The company will collect applications on the Energy Challenges platform between November 1 and January 31. The company will select the most valuable projects from the applications submitted during this period. The final list of viable projects will be decided by Endesa, which will then work with these participating candidates in late February and March.

Finally, the selected winners will be announced on April 1, and the company will then begin developing the projects with the winners.

New technology, new energy

Blockchain technology already enables peer-to-peer transactions among solar panel users, such as trading excess energy in Australia. In August, a Perth startup, Power Ledger, announced a trial that will determine how solar users can buy, sell or exchange excess solar energy on a blockchain, rather than using the traditional grid.

The Spanish power giant’s research is just one example of how startups are seeking a transparent and efficient new-age power grid through blockchain technology to achieve a global sustainable energy market.