OLI Systems Develops Innovative Energy Market Place by Building on Integritee
Zurich, Switzerland — February 21, 2023
We are happy to announce a new partnership, this time with a German company providing innovative energy market solutions. OLI Systems is building an energy market solution on Integritee Network by using our SDK and infrastructure, which combines the benefits of blockchain and Confidential Computing.
By building an off-chain application with our Sidechain SDK on our network leveraging Trusted Execution Environments (TEEs), OLI Systems is able to provide energy solutions in a decentralized way while still keeping sensitive customer data — confidential. It’s the start of a new era of energy exchange and consumer empowerment, as third parties are no longer needed to complete energy market transactions.
Local Energy Markets (LEMs) were introduced a few years ago with the main goal of lowering consumption costs and mitigating the negative effects of external management. LEMs basically provide a market platform for trading locally produced energy at the distribution grid level, which means people from the same community can exchange energy with each other which leads to a net reduction of CO2 emissions.
What does this partnership mean?
In simple terms, OLI is building an application on Integritee to create an energy market matching platform for households, which will enable energy capacity trading between consumers and prosumers (consumers that also produce). This partnership will enable the German company to offer a LEM solution that’s decentralized as it provides an opportunity for household owners to directly trade electricity with each other.
As you might know, our technology can cover virtually any use case, and this time we’re doing so by teaming up with an enterprise client. They are using blockchain technology to power their services and to deliver innovative solutions for traditional markets.
This partnership with OLI marks the start of a series of collaborations with enterprises, thus proving that our technology is highly relevant to innovate and disrupting traditional markets. It bridges the gap between Web3 and Web2, by offering Web3 solutions that deliver speed, privacy, and scale — thus providing features that previous blockchain solutions were lacking in combination.
What role do TEEs play?
As secured environments inside a CPU, TEEs can store, and run data and still keep it confidential. In OLI Systems’ case, this is very relevant, as they must simultaneously follow GDPR norms, and deliver their solution via blockchain — which is transparent and gets everything recorded publicly by nature. Integritee makes it possible to have the best of both worlds: keep the consumers’ data confidential while using a public ledger to provide proof of execution.
The code is executed in the hardware-encrypted environment, thus preventing anyone — including the system administrator and the operating system — from accessing sensitive data. The TEE also offers other benefits: remote attestation to ensure the hardware’s authenticity, proof of integrity, authentication with cryptographic signatures, and more.
A scientific paper describing the detailed process will be published by OLI in due time.
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About Integritee Network
Integritee is the most scalable, privacy-enabling network with a Parachain on Kusama and Polkadot. Our SDK solution combines the security and trust of Polkadot, the scalability of second-layer Sidechains, and the confidentiality of Trusted Execution Environments (TEEs), a special-purpose hardware based on Intel Software Guard Extensions (SGX) technology inside which computations run securely, confidentially, and verifiably.
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About OLI Systems
OLI Systems develops digital solutions for the energy transition in the heart of Baden-Württemberg. Their solutions are based on blockchain technology, which allows for the decentralization of processes while also making them transparent and open to all. The energy transition is both dynamic and effective thanks to the combination of OLI hardware and software.