The Swytch platform tracks and verifies the carbon impact of renewable energy generation and rewards the companies and people who reduce the most carbon emissions
Blockchain-based clean energy incentive, Swytch, is partnering with Chuncheon, the capital of Gangwon Province in South Korea, to drive economic and environmental sustainability and to reduce carbon emissions in the city.
The two sides will jointly pursue sustainable alternatives to traditional energy sources through the development and adoption of solar energy and the implementation of the Swytch network.
Swytch is a blockchain-based platform that tracks and verifies the carbon impact of renewable energy generation and other sustainable actions. Swytch leverages smart meter and blockchain technology to reward the companies and people who reduce carbon emissions the most.
"Swytch enables renewable energy investments to shift to areas that will have the biggest impact on carbon reduction, creating a more fluid energy market"
At the core of the Swytch solution is an open-source ‘Oracle’ that uses artificial intelligence and machine learning to determine how much carbon is being displaced and therefore how many Swytch tokens to award.
"This partnership aims to address energy shortages while incentivising infrastructure development in a city that is ready to decrease its dependence on fossil fuels," said Youngsook Park, vice president of business development of Swytch in South Korea. "Swytch enables renewable energy investments to shift to areas that will have the biggest impact on carbon reduction, creating a more fluid energy market."
Several other cities in South Korea have already developed partnerships with Swytch and additional agreements in Asia, Europe and the Caribbean are under discussion.
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