Swytch is a blockchain-based company which is promoting clean energy. By tying up with a German company by the name of Energy2market GmbH, it is trying to create a platform for energy trading. Recently, it announced that it will be launching its initial program which will be dealing with 3.5 GW of power. The power will be generated with the help of solar energy, hydro energy as well as wind energy. The capacity in Germany will be used in order to generate this power. This power is more than enough for powering around 0.5 million homes. With the help of its blockchain-based platform, proper metrics will be provided. In addition to that, the data flow will be pretty smooth with the help of blockchain-based platform.
Working of Swytch:
The flow of energy, as well as the electricity usage analytics, will be tracked using blockchain. Moreover, the CO2 emissions will also be tracked with the help of this blockchain technology. The people who are able to reduce their carbon footprint will be rewarded through the blockchain. Smart meters will be used which will be connected to the blockchain platform in order to track the CO2 emissions. The entire blockchain of Swytchis based on the Oracle technology. Artificial intelligence, as well as machine learning, will also be used in order to track the usage of electricity as well as the reduction of CO2 in the atmosphere.
With the help of token-based incentives, it will become much easier for individuals to reduce the CO2 usage. Also, whenever they reduce the CO2 usage, they will be rewarded the tokens quite easily. The transactions will be done in real time with the help of blockchain technology. This is one of the main advantages of this platform.
Initially, the pilot project will just be rolled out in Germany. Depending on the success of the program, it can be rolled out to other European countries as well. It all depends on the success of the program in Germany.
One thing however which can be surely said is that the program is pretty unique and it will actually help in the usage of renewable energy. As the usage of renewable energy increases, the carbon footprint will automatically reduce. When the carbon footprint reduces, it will become easier for the individuals to do their bit for the environment. Moreover, with the use of renewable electricity, automatically the impact on the atmosphere will be reduced. Also, since incentives are provided to the individuals, they will have an encouragement to reduce their carbon footprint.
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