HomeNEWSConcordium partners Energinet to foster green energy transition with blockchain

Concordium partners Energinet to foster green energy transition with blockchain


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Popular layer-one blockchain protocol, Concordium has collaborated Energinet, a Danish national transmission enterprise. In a blog post relayed on its handle on Thursday, the platform said the collaboration will allow blockchain technology to empower the credibility of Energinet’s green energy certificate platform.

According to Concordium, it plans to leverage on the collaboration to contribute to the part of the solution of energy certificates. These certificates, as reported, connect the production of energy with consumption. Notably, the blockchain platform announced that a registration method for power production and consumption have been designed. This thus makes it feasible for firms to record the amount of their power consumption that comes from green power and with timestamps.

Remarkably, the layer-1 blockchain platform believes the decentralized feature of blockchain technology disallows the altering of certificates once issued. According to the firm, users can even authenticate the certificates without relying on any actors within the ecosystem. This, as revealed, helps to foster real interoperability between all participants in an ecosystem.

Blockchain to foster grouping of transactions in Merkle trees – Concordium

Meanwhile, the solution only offers granular certificates at short intervals. But, it has the capacity to process a large number of transactions. Through its integration of blockchain technology, occasioned by the partnership with Concordium, transactions will be grouped in Merkle trees. This thus enables participants to document the correctness of scores of registrations.

Furthermore, Concordium explained that the Energinet’s certificate solution platform treats initiation and exploration of information with confidentiality. This is obtainable despite the fact that it allows public verification of green energy certificates. According to the blockchain protocol, consumers and producers, using the solution, enjoys unrestricted control over their data.

Worthy of note that Fonss Schroder, CEO of Concordium has reacted to the partnership. Schroder describes Energinet as a pioneer in the industry of registering green energy. Similarly, he affirmed the capability of Concordium to ensure transparency and verification of green energy. According to the CEO, the integration of blockchain technology allows Energinet and many consuming firms to document their green energy consumption in their various environmental reports and CO2 calculations. This, as revealed by Schroder helps to avert “greenwashing.” Further, the CEO boasted that the Concordium blockchain tech ensures credibility for the production and consumption of green power.

It is noteworthy that Concordium is aiming to expand its ecosystem. In January, the blockchain platform collaborated Stir network, a Singapore based Japanese specialist firm. Notably, the focus of the partnership is to ensure the expansion of the Concordium ecosystem in Asia. As reported by Binbits, Stir network wants to support Concordium with its staking solution and as well empower developers to build on the protocol.

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Dare Ibitoye
Dare Ibitoye
Over the years, Dare has been a committed reporter in the field of cryptocurrencies. He is also interested in researching about the innovative projects within the blockchain space. During his spare time, Dare loves to listen to music and read about technological trends in the contemporary world

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