The launch follows an operational beta test with Energy2market GmbH (e2m), a leader in aggregated energy trading throughout Europe. This large-scale pilot includes roughly 3.5Gw of solar, wind, hydro and biogas energy capacity in Germany, which is enough to power over 500,000 homes.
Recognizing the need for simple and secure energy accounting, Swytch aims to address one of the most pressing challenges facing the energy sector by creating an enterprise-ready public blockchain platform that digitizes energy production at the source. In doing so, Swytch empowers energy enterprises to access, control and analyze their own information, in a decentralized environment that is immutable, secure and compliant.
“The energy sector creates a massive amount of data but struggles transforming it into a more efficient energy strategy,” said Brad Hardin, CTO of Black & Veatch, a global leader in designing and building critical infrastructure, such as data centers, and a partner of Swytch. “Swytch addresses this with a global data protocol and distributed blockchain method to verify and track the energy production occurring on its network. This solution is very appealing to our corporate customers behind data centers and other infrastructure projects.”
Reliable energy data is required to orchestrate the grid, design efficient markets and inform effective policy and investment decisions. As the Swytch platform is built with blockchain technology, it frees the data from a centralized governance structure in favor of a distributed approach. The distributed nature of blockchain provides an unprecedented level of trust and transparency.
“The Swytch team has been hard at work building out our vision for a cleaner, greener world powered by renewable energy,” said Evan Caron, co-founder and managing director of Swytch. “By bringing together accurate energy data from multiple sources, Swytch creates an ecosystem for a smarter global energy network where anyone can participate, creating immense possibilities for disrupting the energy sector.”
Thomas Kostigen is a recognized industry pioneer in sustainability and New York Times bestselling author. Kostigen believes blockchain technology is making new things possible that are transforming the energy sector and the economy through transparent and accountable sustainability initiatives.
“Transparent, traceable data have the potential to drive change and incentivize the population to stop using fossil fuels,” said Kostigen. “Swytch makes it easy to leverage data to validate power sources and measure carbon offsets. By rewarding sustainable behavior, we can turn the tide toward reduced emissions.”
Swytch is currently in advanced project testing with a targeted set of multinational energy producers and renewable energy suppliers around the world to take its platform into their specific use cases.