A public enterprise grade energy blockchain has powered up with the promise to accelerate a low-carbon, distributed electricity future. For the first time, energy sector companies are hosting validator nodes on a decentralized network as they seek to adapt to a more digitalized and decentralized energy system.
After years of hype, blockchain has taken a major step towards delivering on one of its energy sector promises. Last week, Switzerland’s Energy Web Foundation (EWF) launched what it described as the world’s first public, open-source, enterprise-grade blockchain tailored to the energy sector – the Energy Web Chain (EW Chain).
Blockchain has long been touted as the optimal method for energy sector applications including enabling peer-to-peer generation and distribution, renewable energy certificate trading and operating the most effective demand-response energy programs, but has been beset by problems, not least a lack of transparency into how its stakeholders conduct operations, something EWF claims it has now addressed.
Several EWF affiliates, including utilities and grid operators in Belgium, France, Southeast Asia and Central America plus at least one Fortune 500 global power company and blockchain developers OLI Systems, FlexiDAO, Wirepas and Digital Virtues, will host multi-national validator nodes for the public, ethereum-based network.
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