REN awards Blockchain solution that can change energy sector in Portugal

Blockbird Ventures has overcome the challenge promoted by REN. The Innov4u received an honor mention.

Portuguese Blockchain Alliance and REN announce that the Blockbird Ventures team was the winner of the REN Energy Challenge. REN also decided to award an honorable mention to the project of Daniel Amaral and Edgar Basto entitled "Innov4u".

The challenge promoted by REN was to create a platform for negotiating the purchase and sale of energy where micro and mini producers could have an additional source of income and consumers had the option of choosing the cheapest supplier through the use of Blockchain technology and smart contracts.

Blockbird Ventures suggested a solution that, through an ERC-721 token that can be sold to others, is unique and easily auditable, among other things, allows the purchase and sale of electricity. The seller can choose the MWh base price, and the buyer can choose, for example, the type of production, whether solar, wind, or other, for example.

The jury of the REN Energy Challenge also decided to award an Honorable Mention to the team of Daniel Amaral and Edgar Basto who develop the "Innov4u" project. The other finalists of this challenge were the teams of INESC-TEC and SpekSciences.

"For the first time in March 2018, renewable energy production was higher than the total consumption in mainland Portugal. Blockbird-energy + is a platform designed specifically for the Green Energy Market, allowing the purchase and sale of energy between renewable energy producers and supplier companies of energy, "said José Figueiredo, co-founder of Blockbird Ventures. "Blockchain technology and the tokenization of energy produced allow producers to compensate for production surpluses in a parallel carbon credit market, while suppliers can guarantee the origin of the energy consumed to their customers. and the immutability of a decentralized protocol allows greater agility and efficiency in the management of processes and reconciliations ".

"The energy sector has progressively evolved from a vertical model to a market model that could potentially be made up of thousands of small producers. Four main challenges are: mitigating existing barriers to entry of new agents, ensuring effective market, ensure the trust and confidence of the management model and financial transactions and ensure the efficient balance of the network, "said Tiago Azevedo, Group IT Director of REN. "Blockbird was the company that best understood the challenge posed and better identified future market needs, legal, business and technical requirements. REN considers that the proposed approach, although disruptive, has a high level of viability to make a new solution for managing the energy market ".

Rui Serapicos, President of the Board of the Association of the Portuguese Blockchain Alliance, said: "Blockbird Ventures has presented a solid solution that promises to change the energy sector in Portugal. Also Innov4u, which received an Honorable Mention, presented a quality solution that has potential to be used soon in the market ".

The President of the Blockchain Alliance further states that "once the first five challenges promoted by the Blockchain Alliance and its partners have been finalized, it is time to take stock of the fact that it must be positive: the proposals put forward by the various teams of the various challenges were of tremendous quality and we are proud to look at the last months of the Blockchain Alliance's work. "

Blockbird Ventures will present its two winning solutions at the Blockchain Conference on November 12 at the Tivoli BBVA Theater in Lisbon, as a result of being considered the winner of the REN Energy Challenge and the Open Innovation Challenge.