Greeneum is launching a blockchain-based platform for energy trading.
Called Greeneum Network, the platform uses blockchain, smart contracts, targeted artificial intelligence and machine learning technologies to connect all entities in the energy supply chain.
Built by the team behind the first ever renewable energy currency SolarCoin, the platform will enable decentralized peer-to-peer trading, provide analytics and predictive insights on the energy lifecycle, and incentivize the production and consumption of energy from renewable sources, Greeneum said in a statement.
“The Greeneum Network pools together energy producers, utilities, grid operators, energy traders, and consumers onto one platform to allow users to trade energy and data directly with one another,” the company said.
Revolutionary platform in energy sector
The Greeneum Network uses artificial intelligence that is capable of identifying, validating and predicting the production of renewable energy resources globally to enable and track increased efficiency, while encouraging, validating, and rewarding the generation and use of renewable energy.
According to Greeneum, users will be able to monitor real-time energy usage, and use the data to create more accurate predictions and optimization recommendations.
Greeneum said that this new blockchain-based platform is designed to address challenges faced by the energy sector these days.
Energy systems worldwide are outdated and inefficient and many are plagued by the challenges of transitioning to low-carbon sources, poor grid reliability and the lack of transparency between incumbent politicians.
For example, in California, growing solar generation has occasionally driven power prices extremely low. Yet, consumers in California continue paying some of the highest electrical bills in the United States, Greeneum said in a statement.
The Greeneum Network uses a dual system to fix those challenges.
First, the network uses blockchain technology to secure, track, and manage billions of energy trades. Second, it uses artificial intelligence and machine learning to further validate energy data flowing into the network to generate forecasts. Users can reap this data for insights.
“The Greeneum Network pairs the best functions in blockchain technology with best practices in clean and sustainable energy at scale,” Greeneum CEO and Founder Assaf Ben-Or stated. “Our vision is for a smart, efficient, and sustainable global energy ecosystem with clean power at its core.”
The Greeneum Network will produce utility ERC20 token called GREEN to incentivize green energy production and also to reward users for consuming green energy.
Greeneum is currently conducting a number of test and pilots in Europe, Cyprus, Israel, Africa and the U.S. The company expects the project and platform to be completed by mid-2018.