Greeneum launches the world’s first blockchain-powered energy & data trading marketplace platform
Thomas Edison once said, “I would put my money on the sun and solar energy. What a source of power! I hope we don’t have to wait until oil and coal run out before we tackle that.” His quote is still very true today. Our appetite for energy continues and there is no sign of stopping. Energy production is the number one cause of climate change, yet over a quarter of the world’s population lives without access to electricity.
Energy demand is rapidly growing worldwide in reaction to population, transportation, and economic production changes. This demand surge creates increasing pollution levels of carbon dioxide (CO2) in the atmosphere and threatens our entire eco-systemic. According to The World Bank, air pollution cost global economy trillions of dollars annually. Air pollution costs the global economy more than $5 trillion annually in welfare costs, with the most devastating damage occurring in the developing world, according to a new World Bank report.
There are many solutions proposed in response to targeting the pollution challenge. These solutions attempt to prevent, mitigate, and adapt to the climate change effects, but we still have a long way to go and we still to make a tremendous amount of progress to address the air pollution problem. The energy sector is responsible for a majority of the CO2 emissions worldwide.
One new startup is doing its part to reduce emissions, air pollution, and mitigate effects of climate change using blockchain technology. The startup is called Greeneum. The startup aims to address the problem using smart microgrids in emerging countries. Currently, the clean energy market lacks a peer-to-peer method for individuals to incentivize green energy production and consumption in their communities. Few tools exist for peer-to-peer energy trading in small decentralized applications. Data on energy production and use is highly useful in planning, implementing AI and creating a more efficient energy grid. However, it is currently fragmented among centralized players in the market.
With Greeneum, stakeholders can reliably produce, trade and consume clean energy on a world-wide scale. Greeneum supports eco-conscious living and business — the greener you go, the greener the reward. Greeneum is more than a open market that unites the brilliant with the ambitious. With successful pilot programs already in place internationally, we’re only missing one critical element — you. Let’s get started. Greeneum is a global, decentralized network that aims to encourage the production, distribution and consumption of clean and sustainable energy. By using advanced technologies including blockchain, smart contracts and artificial intelligence, Greeneum is enabling the next generation of trust, transparency, security, actionable insights and forecasts for the global energy market.
This week, Greeneum announced it has created the world’s first blockchain-powered sustainable, scalable and secure energy and data trading platform; which we believe is the first major step towards ending a global reliance on toxic and non-renewable energy sources including fossil fuels. To protect contributors and bring greater transparency to these projects, the Greeneum platform is built on the ethereum blockchain. Agreements are held on this distributed ledger, which helps to ensure that terms are secure and visible at all times.
Founded in 2016 Israeli Assaf Ben-Or, Greeneum was founded by a team of dedicated experts with experience across a wide variety of solar and renewable energy projects and startups. Assaf Ben-Or is a SolarChange PhD Candidate. He has EE. in Solar Energy. Greeneum’s platform is a first of its kind marketplace and energy production management system. It enables contributors from around the world to invest in green energy projects including solar, hydro and wind power; while concurrently creating production efficiencies during demand fluctuations. Pilot projects currently underway include a grid operator in Cyprus and a micro-grid in Israel; and more are set to be announced throughout the course of 2018.
“Greeneum’s first in kind platform enables people and companies to make contributions to green energy products around the world,” said Greeneum founder Assaf Ben-Or. “Our goal is to foster increased use of renewable energy sources and reduce the carbon emissions that are contributing to climate change.”
The GREEN Token is central to Greeneum’s innovation story, and contributors can access it during a token pre-sale starting today, Earth Day. Qualified individuals will be able to start contributing to a wide variety of projects later this year. Greeneum’s innovative approach to green energy production, distribution and consumption management is enabled through key innovations including:
- Crypto-based platform: Using an ERC-20 compliant token enables contributors to have one point of entry to contribute to projects around the world;
- Smart contracts: Enable efficiencies by disintermediating the various brokers and middlemen currently involved in these investments, and remove trust as a factor between counterparties;
- Distributed Energy Resource Management System (DERMS): Through use of artificial intelligence and proprietary algorithms, Greeneum enables electricity producers to anticipate demand in advance and direct resources accordingly; enabling them to create reserves and reduce production costs.
“By enabling contributors to help fund these projects and track their contributions, Greeneum is bringing a level of transparency to these projects not previously seen,” Ben-Or continued. “And empowering utilities to better anticipate and manage costs, we are hopeful that these increased efficiencies will enable contributors to have an even greater impact on the projects they choose to participate in.”
Below is a video about the overview of how Greeneum works.