Blockchain technology is increasingly intersecting with renewable energy initiatives, offering transformative solutions that enhance transparency, efficiency, and accessibility in the energy market. This convergence is fostering a new era of decentralized energy systems, where consumers and producers engage in more direct and efficient transactions.
UrbanChain, established in 2017 and based in Manchester Science Park, has developed a green energy marketplace that utilizes artificial intelligence and distributed ledger technology. This platform enables traceable energy exchanges between small-scale renewable energy generators and consumers, effectively bypassing traditional power companies. The company reported revenues of £25 million last year and holds a license from the energy regulator Ofgem to supply electricity to non-domestic customers in the UK. UrbanChain plans to expand its services to the US and Ireland within the year.
In France, a collaboration between Australian blockchain firm Power Ledger and green energy retailer ekWateur is empowering approximately 220,000 French households to customize their energy mix. By integrating Power Ledger’s blockchain tool, Vision, consumers can select their preferred energy sources and track their usage in 30-minute intervals. This initiative aims to support France’s commitment to reducing greenhouse gas emissions by 40% by 2030.
PowerDime, an energy finance company, is launching a tokenized renewable energy trading platform built on the Chintai blockchain network. This platform is designed for institutional investors seeking yield and renewable energy projects in need of financing. It will feature tokenized virtual power purchase agreements, providing investors with periodic cash flows. Initially covering wind and solar energy, PowerDime plans to expand its renewable energy offerings in the future. The platform is currently available in the United States, the United Kingdom, and select parts of the Asia-Pacific region, with plans for further expansion.
In Germany, Swytch, a blockchain-based energy platform, has partnered with Energy2market GmbH on a pilot program to distribute approximately 3.5 gigawatts of solar, wind, hydro, and biogas energy capacity, sufficient to power over 500,000 homes. Swytch employs smart meter and blockchain technology to reward low carbon emissions, utilizing an open-source Oracle platform to determine carbon displacement and allocate tokens accordingly. This partnership aims to explore alternatives to existing incentive programs and leverage blockchain’s security and immutability to reshape the energy industry.
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This article first appeared on Greenlogue and is brought to you by Hyphen Digital Network
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