The network pools together energy producers, utilities, grid operators, energy traders and consumers
Greeneum is introducing a blockchain-based platform for the global decentralised energy trading market.
Called the Greeneum Network, the platform seeks to redefine renewable energy systems by leveraging blockchain, smart contracts, targeted artificial intelligence (AI) and machine learning technologies.
Developed by the team behind the first ever renewable energy currency, SolarCoin, it 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.
According to the company founders, Greeneum Network enables decentralised peer-to-peer trading, providing analytics and predictive insights on the energy lifecycle, and incentivising the production and consumption of energy from renewable sources.
“The Greeneum Network pairs the best functions in blockchain technology with best practices in clean and sustainable energy at scale,” said Assaf Ben-Or, CEO and founder of Greeneum.
“Our vision is for a smart, efficient, and sustainable global energy ecosystem with clean power at its core.”
Greeneum targeted artificial intelligence (AI) 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.
Users can monitor real-time energy usage, and use the data to create more accurate predictions and optimisation recommendations.
Energy systems worldwide are reported to be notoriously outdated and inefficient. Many are plagued by the challenges of transitioning to low-carbon sources, poor grid reliability and the lack of transparency between incumbent politicians.
In California, for instance, growing solar generation has occasionally driven power prices extremely low. Yet, consumers in California continue paying some of the highest electrical bills in the US.
Greeneum aims to address these challenges by implementing a dual system: first, the network uses blockchain technology to secure, track, and manage billions of energy trades.
Utilities and energy providers can use the network’s smart contracts to customise the data insights they collect. For example, a utility with branches across the country may request to receive data only from one specific location.
Second, the network uses AI and machine learning to further validate energy data flowing into the network to generate forecasts. Greeneum Network users can reap this data for insights.
The network will produce utility ERC20 tokens called ‘Green’ to incentivise green energy production and to reward users for consuming green energy.
Several test nets and pilots are running currently in Europe, Cyprus, Israel, Africa and the US. Greeneum expects the project and platform minimum viable product (MVP) will be completed by mid-2018.
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