Foreign companies would require certificates from their subsidiaries in Uruguay. The blockchain developed by the EWF uses the Proof of Authority consensus mechanism.
Uruguay’s state electricity agency (UTE) revealed through an announcement that it will begin issuing clean energy certificates in that country in January 2022, which will get registered on a blockchain. This statement came from the president of the UTE, Silvia Emaldi, at the VII LATAM Renovables Congress.
According to BNAmericas, the official clarified that companies could use these certificates to demonstrate they use electricity from renewable sources in their goods and services development. Many of these multinationals that are operating in Uruguay currently require these certificates.
Renewable energy certificates specify, in a safe way, that the energy received by a customer got produced from renewable sources. There are companies in Uruguay that have their parent companies in other nations and had already requested this type of certificate.
Before the end of the year, a decree with the guidelines of the National Energy Secretariat of Uruguay will see the light of day. With these guidelines, most companies can demonstrate that they use renewable electricity to generate their goods and services.
Uruguay Will Use an Ethereum-Based Blockchain
In November 2020, the president of the UTE and Pablo Mosto had revealed further details about the features of the blockchain that will help the agency in the issuance of energy certificates clean.
The Energy Web Chain came from the Energy Web Foundation (EWF) and is a web chain that dedicates its efforts to the development of this blockchain for the electricity sector.
Energy Web Chain is a public blockchain that focuses, through an open-source mechanism, on Ethereum. This public blockchain uses the Proof of Authority (P-o-A) consensus procedures.
UTE Is Offering Clean Energy
Regarding the traditional legal certainty and economic-financial promotion policies, The president of UTE said that Uruguay could offer international investors competitive and clean electricity.
The energy sector in Uruguay has previously used blockchain-based software to automate wind energy in November 2019. A blockchain that focused on Hyperledger Fabric worked with nodes managed by energy producers and by the marketer. A smart contract checks the energy price in real-time and records its destination, considering a price that would suit customers.
A company in the energy sector in Uruguay opted for a solution based on blockchain to streamline transactions in terms of renewable energy and distributed generation.
Ventus is an Uruguayan energy firm that focuses on wind energy projects, which has agreed on strategic support with PowerLedgers, a business solutions company with blockchain networks.
The link paved the way for the development of a system that uses a chain of blocks to record operations, with which a 30% saving got achieved in the firm’s operating costs and plans to improve more energy trading.
The firm created an automation model that makes it possible to predict generation and estimate the value of energy to lighten decision-making on the destination of the sale.
By: Jenson Nuñez