A new challenge for Endesa Energy Challenges: Blockchain technology for the electricity industry

Published on Wednesday, 5 October 2016

  • Blockchain is an ancillary technology that enabled the development of bitcoin and which could change the way in which business is carried out throughout the world since assets can be exchanged without central intermediaries. It is an almost incorruptible digital ledger since it can be updated only by consensus of a majority of the participants in the system and the information can never be deleted.
  • Thanks to its open innovation model, Endesa launches this new challenge through Endesa Energy Challenges, the company's new collaborative platform that seeks, together with entrepreneurs, new energy efficient products and services.
  • Applications to form part of this new initiative will be accepted from 1 November.
  • Whatever it ends up being called, Blockchain, as it is known for now at least, has enormous potential,  and Endesa wants to be at its forefront. That is why the company is creating its first laboratory that focuses on this technology with the aim of obtaining new applications and user cases specific to the energy industry and which can be applied to the Spanish market. 
  • And there are no barriers: it is open to any participants (companies, individuals, researchers, start-ups, universities, research bodies, etc.) anywhere in the world. Anyone who wants to be accompanied by Endesa and enter into this fascinating world can take part  in the selection process, which will be carried out as follows: 
  • The applications to form part of this new initiative will be taken between 1 November and 31 January through Endesa Energy Challenges, the collaborative project that challenges the world's most brilliant minds to create new solutions for more efficient energy, which was launched precisely one year ago at the South Summit. During that time, the company will shortlist the projects based on their potential value for Endesa because they define new products or services in the short and medium term and because they bring long-term emerging technologies of interest forward:all of them based on the use of blockchain. 
  • Between 1 February and 31 March, the company will select the final projects and start working together with the candidates, who will start developing their proposals with Endesa's support. Ad-hoc collaboration agreements are expected to be arranged to develop each one.
  • On 1 April, the selected projects are expected to be announced and, from then on, the company will begin to collaborate with the winners.
  • Endesa Energy Challenges 
  • Endesa knows that the development of  a new sustainable model has to meet the clients' specific and closest needs, so as to  improve and help them in their daily life because, during this process of change, consumers increasingly have more capacity to act and make decisions. For this reason, just over a year ago it launched Endesa Energy Challenges, a new collaborative platform that seeks, together with entrepreneurs, to find new energy efficient products and services. The goal is to challenge the most brilliant minds to  discover solutions in the world of energy that can transform the current model. The challenge forms part of Endesa's open innovation model. 
  • What is blockchain?
  • Blockchain is an ancillary technology that underpins bitcoin but has now become one of the most transgressive and disruptive technologies at present. It is an accounting ledger for "digital transactions" that consists of different blocks. It can be updated only by consensus of a majority of the participants in the system and the information can never be deleted. This is truly important in the online world, where it is very difficult to determine and control the origin and ownership of digital assets. Blockchain solves this problem by providing global authentication and security to any type of data and transactions. Therefore, it essentially acts as a ledger for the main digital events that consists of different blocks. It can be updated only by general consensus, when it is legitimately necessary to update something, and, once it has been entered, the information can never be deleted. 
  • Paraphrasing the specialist blog bit2me, we will give you an example to have a better understanding of how it works: suppose a flying pink elephant wearing a top hat lands  in the main square of a city, he  raises his hat and then  flys off again. If  a thousand people then take a lie detector test, and are asked  to describe what happened, all of them will tell the same story with the same details; therefore, the elephant’s visit is beyond doubt. This is what the principle of “blockchain” is based on.
  • Therefore, we are talking about exchanging assets but without any central intermediaries, which opens the door to a large range of new business models to explore. Endesa's objective with this platform is to learn; make controlled mistakes, check to see what implications there may be; and understand the rules in a decentralised world where there is still a long way to go.
  • If you want to know more about this technology, please contact us.