Estonia is a country whose energy production still predominantly depends on fossil fuels: only 18% of Estonian energy comes from renewable energy sources. Now Estonia is using blockchain related with this sources.
In this context, the green energy platform, WePower is betting on Estonia to try increase the percentage of electricity produced from renewable sources: and is doing so using blockchain technology.
Blockchain and green energy: a new marriage
WePower is a platform that aims to help producers of renewable energy to obtain capital by issuing its own energy tokens. The company connects those who want to buy energy (end users and investors) with green energy producers. The result is create the basis for a commercial exchange at prices lower than the market ones.
WePower’s innovation is based on the development of smart energy tokens in Ethereum: in this way, thanks to the blockchain technology, a standardization and simplification of current energy systems is achieved. Tokens ensure liquidity and expansion of access to capital.
Estonia could be the first country to use blockchain to help the environment
According to WePower’s CEO, Nick Martyniuk, Estonia is the right country to test the new heights of blockchain technology. His company started this ambitious pilot project after signing an agreement with Elering, one of the independent operators of gas and electricity in Estonia.
The idea is to transform energy in tokens, linking energy consumption and its production data to the blockchain. The project is already producing the first encouraging results. Why? Because over the last few months, WePower has loaded around 26,000 hours and 24TWh of energy consumption data into the blockchain.
By connecting its energy exchange platform with the smart energy data provided by the Elering sensors (ie the smart data on energy consumption of Estonian customers), WePower has already created 38 billion smart energy tokens.
So far, the sensitivity of energy data and the strict regulation of the sector had been an obstacle for many developers and engineers interested in building alternative solutions for energy exchange. According to Martyniuk, the alternative solution could be based on the blockchain technology, based on security and privacy of the exchanged data.
To read more about the blockchain’s power check it in China and Korea.
This post is also available in: Italian