SunContract platform, a renewable energy platform, has finally been launched by IT professionals and energy specialists. The platform uses blockchain technology to balance energy demand and supply. It is the first live blockchain-powered peer-to-peer platform and will allow people to sell, buy and trade electricity.
SunContract was launched at an event attended by senior officials from the Slovenian government as well as the European Union. During the event, the company signed several partnership deals with blockchain and energy sector partners. The company said that it will give further details about the partnership in the near future.
The current electric power system is largely inefficient due to underutilization of resources and the fact that they are controlled by governments, which generally can’t do anything efficiently. The platform is expected to offer universal access to modern, clean and efficient energy sources.
Sustainable access to energy
SunContract has indicated that its agenda is to remove the inherent monopoly that is rife in the energy sector. The company is optimistic that by using decentralized business models and technologies, it will be able to adequately address some of the challenges. SunContract CEO, Gregor Novak, said the number of partnerships that the company has signed is a clear indication that people and organizations are having the same vision that the company is having. He added that the platform will help in placing power right in the hands of the people, especially homeowners hence reducing cases of monopoly.
Application is expected to have a lot of impact to the energy sector
In a market that is quickly embracing blockchain technology, SunContract seems to have developed an application that will have crucial impact in the energy sector that will be felt by even the smallest energy consumer.
The company has announced that so far there are several people who are already using the platform to receive their electricity. They buy SNC tokens, which they use to purchase electricity. To use the platform, one is required to maintain a minimum of 1000 SNC tokens at all times. This is the amount that is enough to cover power costs for a period of two months.
SunContract is currently implementing the project in Slovenia. It is expected that after testing its success in Slovenia, the project will be rolled out to other places.