Energie Mine which is a blockchain based energy firm has reported that it is collaborating with Hotel Cappuccino in a bid to reduce the global consumption of energy. The technology firm plans to do so through the use of digital currency.
Energi Mine, which is based in U.K., focuses on creating energy management products. It utilizes artificial intelligence algorithms to manage as well as trade energy. Meanwhile, the U.K. firm has a platform powered by blockchain used to decentralize the energy market globally, through energy conservation incentives. More than $140 million in energy is being managed by the company on behalf of more than 1,100 sites spread across Europe, translating to $500,000 in revenues.
Rewarding guest’s behavior
This newly formed partnership aims to reward financially individual behavior of saving energy. However, it plans to do so by encouraging people to adopt the behavior as an instinctive action, therefore learning to be greener.
Guests of the South Korea Based Hotel Cappuccino will be rewarded through Energi Mine’s blockchain reward system. Clients will be issued with EnergiTokens (ETK) through the hotel in appreciation for their efforts in conserving energy.
Subsequently, the rewarded guests can utilize the ETK coins to charge their electric cars, pay for energy, or even exchange them for fiat currency. Guests who perform more energy saving actions get to receive more tokens.
Energi Mine’s CEO Omar Rahim revealed that South Korea was a major market for his firm, therefore, partnering with Hotel Cappuccino was a natural fit. He stated that they wanted people to be cautious of how their choices impact the environment. Thus, turning over-consumption into a social taboo.
Rahim also confirmed that they will continue collaborating with the said hotel. ‘We look forward to future collaboration and discussing with Hotel Cappuccino how we can encourage behavioral changes on a more individual level using the Energi Token application later this year.”
Environmentally friendly
Hotel Cappuccino is located in Seoul’s upscale district, Gangnam, as in style. It is an environmentally friendly destination that encourages its clients to practice socially shared values. Guests who avoid using their room’s amenities are awarded Angel Coupons. Eventually, clients can use the coupons to get a free drink at the café or donate them to Water.org.