Swytch, a blockchain-based clean energy incentive, and the Germany-based Energy2market GmbH (e2m), a company aggregating energy trading throughout Europe, have announced a pilot program which includes roughly 3.5Gw of solar, wind, hydro and biogas energy capacity in Germany, which is enough to power over 500,000 homes. As part of the large-scale pilot, Swytch is testing its first versions of the data flow, blockchain, dashboard, estimators, token allocation models and other key parts of the platform.
Leveraging smart meter and blockchain technology, Swytch rewards the companies and people who reduce carbon emissions the most. 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. As a result, producers of renewable energy create Swytch tokens by generating solar, wind and other forms of renewable energy. e2m perceives Swytch’s approach to tokenized incentives in the energy market as particularly attractive to the larger energy producers and traders it serves.