Engie, inspection and testing organisation Bureau Veritas and French research organisation CEA have announced the validation of smart contracts using blockchain.
Engie said the smart contract solution had been developed by an internal startup company, The Energy Origin (TEO). It would allow Engie’s business clients – companies and local authorities – to precisely identify the site that will produce their power from among Engie’s solar or wind power sites. Customers can select a source closest to where they consume power.
Seven days a week, clients are informed of the source of the energy consumed, as well as the positive impact generated, communicated in terms such as tons of CO2 avoided, the amount of auto emissions avoided, or trees planted.
Engie said the TEO solution depends upon blockchain, and more specifically upon the execution of smart contracts, irrevocable information programs that execute a number of predefined instructions. The mandatory value of these contracts is not guaranteed by law, but directly by the digital code.
Bureau Veritas and the Alternative Energies and Atomic Energy Commission (CEA), a French public research body, audited the solution and validated the precision of the processes and calculations generated by TEO to demonstrate that the smart contracts allow Engie clients to establish traceability of the green energy consumed.
“Smart contracts are at the heart of many market platforms and require new verification processes. The validation of smart contracts by Bureau Veritas provides all participants in the blockchain with the assurance that they are operating in accordance with their expectations. In this innovative project, Bureau Veritas verifies the process and the result of the program’s calculations using a solid methodology defined with the CEA.
This is an important step in the development of this technology.” said Thomas Daubigny, chief digital officer of Bureau Veritas.
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