New Blockchain-Based Renewable Energy Pilot to Power 500,000 Homes

By Jimmy Aki

New Blockchain Renewable Energy Pilot to Power 500,000 Homes

As the effects of climate change make their mark across the globe, people are more wary of their carbon footprints and are gradually switching to renewable energy.

Swytch, a blockchain-based energy platform will work with Energy2market GmbH (e2m), a leader in aggregated energy trading, on a pilot program which will allow it to power homes in Germany with renewable energy while rewarding users with tokens.

The large-scale pilot program aims to distribute roughly 3.5Gw of solar, wind, hydro and bio-gas energy capacity, which is enough to power over 500,000 homes.

Based in Austin, Texas, Swytch combines smart meter and blockchain technology to reward those who generate low carbon emissions. It does this through an open-source Oracle platform which acts as a distributed authority in determining how much carbon is being displaced and how many tokens should be awarded.

Co-founder and Managing Director of Swytch Evan Caron told Bitcoin Magazine his company has already started leveraging the first version of the Oracle to evaluate the assets being managed by e2m.

“We intend to move toward full-scale adoption of the Swytch …read more