Blockchain technology is a natural fit for tracking power generation and payments on distributed energy grids, according to Rocky Mountain Institute, a Colorado-based green energy organisation, and Austrian blockchain start-up Grid Singularity. The two outfits have joined together to create the Energy Web Foundation (EWF), which has launched an Ethereum-based blockchain, which is “purpose-built for the energy sector”. The team will start by developing applications to track renewable energy certificates. “The goal of this project is to build a decentralized platform that can be used in any industry or service where there are multiple parties involved with electricity generation, transmission, distribution and/or payment,” said David Smith, CEO
Blockchain technology is a natural fit for tracking power generation and payments on distributed energy grids, according to Rocky Mountain Institute, a Colorado-based green energy organisation, and Austrian blockchain start-up Grid Singularity. The two outfits have joined together to create the Energy Web Foundation (EWF), which has launched an Ethereum-based blockchain, which is “purpose-built for the energy sector”. The team will start by developing applications to track renewable energy certificates. In future, the EWF intends to enable “more granular transactions” between providers and consumers and eventually to allow near-instant payment in return for sending energy to the grid.