Swytch Partnered With E2M To Launch The First Blockchain Based Clean Energy Initiative
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Swytch Partnered With E2M To Launch The First Blockchain Based Clean Energy Initiative

A pilot which will offer energy producers and traders access to a tokenized incentives program that aims to cut costs and eradicate fraud is launched in Germany. Swytch, a blockchain-based clean energy project has partnered up with E2M, a decentralized energy retailer, to launch a pilot which will be the first blockchain and clean energy initiative.

During the program, the platform will undergo many tests run by the companies, comprising of the first versions of the estimators, dashboard, data flow, and token distribution models.

http://blockchain.comFrom the trial, it makes use of 3.5Gw of solar, hydro, biogas, and wind energy capacity with which more than 500,000 homes will be powered.

On the top of the blockchain, the company has developed a platform which has the role of tracking and rewarding organizations and people who want to decrease the total amount of carbon emissions. By producing clean energy, the companies make Swytch utility tokens. Swytch’s goal is to change how energy is produced and consumed.

The platform uses an open-source “Oracle” code that implies artificial intelligence and machine learning technology.

To calculate the quantity of emitted carbon and establish how much tokens will be awarded a pilot uses an open-source “Oracle” code that employs artificial intelligence and machine learning technology.
For producers who produce solar, wind and other systems of reusable energy,Swytch will act as a motivating factor.

CEO of Energy2market Andreas Keil said,

“We firmly believe that blockchain technology can be used to unlock long-term value for Europe’s renewable energy assets,Today, renewable energy represents 32 percent of the total energy market in Germany, but we have a goal of reaching 70 percent by 2050. Government-based incentive programs can only do so much, and a more dynamic option is needed. Additionally, some countries, like Germany, will begin phasing out their incentive programs in the next few years. We need to prepare for the future and identify new subsidy instruments and trading mechanism.”

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