Blockchain mechanisms

Even in the initial stages of our project rollout, we had incorporated blockchain-based features within various aspects of our current service offerings. As modern power grids open new modes of communication and interaction between increasingly diverse and numerous market participants and utility devices, blockchain is a key medium to ensure data ownership, historical data management, and resistance to increased risk of cyberattacks. But more importantly REDI tokens are utilized to incentivize users to share verifiable data and information in light of transparency, for record-keeping of data and its ownership, and information verification and legitimization. All these processes are subtle impact factors ensuring trust in the renewable energy ecosystem, and allowing surplus of integrated data and information to be readily accessible to the public.

Use-cases

1) redi points

Since the year 2020 and onwards, the domestic market has focused much more efforts to digitalize DER management. Many SME consumers have opted to invest in solutions that can increase accuracy and productivity in remote solar asset management. As more clients engaged in the network of remote monitoring services, this allowed a seamless integration of redi points -a blockchain-based incentives program that automatically delivers rewards in redi tokens in exchange for the client’s commitment to providing verifiable data to the redi infranet big-data pool. The redi points can be accumulated and can be cashed-out in fiat, while there are also options to top up points by buying redi tokens directly from exchanges, as well as options to send and receive tokens with other participating users.

2) DID

Our project was the first to introduce DID (blockchain-based decentralized identifiers) for renewable energy. DID refers to a digital identity performed on the blockchain layer, allowing individuals and organizations to have a self-governed and verifiable identity protocol. Our aim was to incorporate a device and user authentication process in the concurrent renewable energy operations and maintenance field of business, so that various stakeholders that are involved in the everyday operations of the highly-valued solar assets can be limited in the range of activities that can be performed in terms of the level of authority given to them. In simple terms, DID has the capability to enhance accountability and reduce human-error by offering a decentralized, secure, and transparent identity solution in the renewable energy sector.

3) history management

Blockchain identifiers have been also applied to extended energy-platform services, such as in the solar prediction and incentives program. Participating in this program allows for DER operators to gain access to additional revenue on top of the current SMP and REC. As the intermediary supplier between the DER client and the central energy network operators such as in the Korea Power Exchange, the redi system submits the prediction data to the KPX, and the KPX in return provides incentives to be distributed to each participating client. In the perspective of the participating client, the predicted and actual distribution of incentives can be unsure since the transactions between the intermediary and the KPX are undisclosed. In that respect, what differentiates our approach to other suppliers, is the incorporation of a blockchain ledger that confirms each step of the processes that is involved on behalf of the participating client.