Portuguese innovations can change the energy market

The first phase of the Challenge promoted by REN, dedicated to the energy sector, was closed on May 25 and the teams that go on to the next phase have already been found by the jury of this Blockchain Challenge by REN.

Portuguese Blockchain Alliance announces that the REN Energy Challenge has already found qualified solutions for the next phase of Blockchain's innovation challenge.

The use of renewable energy has been growing strongly in recent years. However, this growth has been centered on producing centers such as wind farms, hydroelectric dams and, residually, parks with solar panels.

Through the use of Blockchain technology and smart contracts, the challenge promoted by REN is to create a platform for negotiating the purchase and sale of energy where micro and / or small producers can have an additional source of income and consumers to option to choose the cheapest supplier.

Proposals to the next phase include solutions to a power purchase and sale trading platform and small networks that enable an open peer-to-peer market among residents of the same city or area of ​​residence,

"It became clear that Portuguese students and businessmen are starting to bet on Blockchain and to develop solutions that, without this technology, would be impossible to do," explains Rui Serapicos of the Portuguese Blockchain Alliance. "The challenge launched by REN opens doors to something that has never been seen in Portugal, the purchase and sale of energy directly to micro and mini-producers. Soon, according to the solutions presented by the proponent teams, this could be a reality in our country".