TOP 10 Blockchain Solutions Providers - CIO Europe
Green Energy Pioneers
“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,” Thomas Edison.
Rightly said, the green energy revolution race is on!
The future of energy is green; harnessing power from the wind turbines, solar cells or other renewable energy resources is regarded as one of the cleanest and most sustainable ways, as there is no CO2 emission or toxic byproducts. Nevertheless, the sun isn't shining all day, and the wind tends to blow seasonally; how can energy consumers rely on solar and wind power to meet their ever-present, daily energy needs? And yet, given the way most of the organizations have gone about adding renewables to the grid, there is a fair amount of inefficiency and energy wastage due to unreliable predictions of green energy productions. As a trained solar and energy engineer for many years, Assaf Ben Or realized the need for a smart solution that could optimize the production and distribution of green energy. He set out to combine Artificial Intelligence (AI), smart contracts and blockchain technology to create a holistic solution that forecasts energy demand in the power grids and enables smart monetization with real-time peer-to-peer (P2P) energy and data transactions, eventually leading to the genesis of Greeneum Network.
Greeneum offers an energy trading platform that connects all the entities in the energy supply chain—energy producers, utilities, grid operators, energy traders, and consumers into a single Greeneum network. The firm’s platform is built on blockchain and smart contract technology that is used to record, validate and trade energy production and consumption within and between electrical grids. The underlying data layer will be powered by Greeneum’s proprietary AI and machine learning algorithms to analyze renewable energy data and available energy in the local grid. This sophisticated advanced analytics system gives accurate predictions of the available sun or wind energy in the global energy marketplace. “With real-time insights and data predictions, we allow stakeholders to optimize the performance of green energy projects and balance energy supply and demand in a power grid, significantly democratizing green power,” says Ben Or, Founder and CEO, Greeneum Network.
On one side, the firm gathers all the producers of renewable energy, including solar, wind and hydro plants; and on the other side, it’s signing up payers who want to consume electricity generated by those plants. To this end, Greenum has created its cryptocurrency, a green token to incentivize green energy producers like residential users who own solar cells on the rooftop, or wind turbines in their farms and also reward the users for consuming green energy. These rewards, certifications, and energy tokenization on the energy productions are eventually be traded for sustainable energy services or goods on the green marketplace. Such a setup cuts the middleman intervention, providing a higher return for those who have invested in renewable technology, while also providing cheaper energy for those who want to utilize greener sources of electricity.
The firm has currently conducted a number of pilot programs in Europe, Cyprus, Israel, Africa to connect the consumers, producers and energy transmitters and give insights on how to be efficient, reduce energy wastage and fluctuation problems in power grids and utilize more renewable energy sources. “We do this for the energy ecosystem in general that work toward a smarter and greener future,” asserts Ben Or. Currently, the firm is working with a very large client who is planning to establish a decentralized, secure, and more efficient marketplace for energy production in Argentina and South America.
Headquarters: Tel Aviv, Israel
Description: Provides a blockchain-based platform for the global decentralized energy trading market.
Management: Assaf Ben Or, Founder & CEO
Quote: “With real-time insights and data predictions, we allow stakeholders to optimize the performance of green energy projects and balance energy supply and demand in a power grid, significantly democratizing green power."