Greeneum, which provides a decentralized data network for sustainable energy, has announced the upcoming launch of its blockchain-based platform, Greeneum Network. Greeneum leverages blockchain, smart contracts, targeted artificial intelligence (AI) and machine learning technologies to enable a decentralized peer-to-peer trading, provide analytics and predictive insights on the energy lifecycle, and incentivise the production and consumption of energy from renewable sources. It is developed by the team behind the renewable energy currency, SolarCoin.
The Greeneum Network pools together energy producers, utilities, grid operators, energy traders, and consumers onto one platform to allow users to trade energy and data directly with one another. Greeneum targeted AI is capable of identifying, validating and predicting the production of renewable energy resources globally to enable and track increased efficiency, whilst encouraging, validating, and rewarding the generation and use of renewable energy. Greeneum users can monitor real-time energy usage, and use the data to create more accurate predictions and optimisation recommendations.
Energy systems worldwide are outdated and inefficient and have the issues of transitioning to low-carbon sources, poor grid reliability and the lack of transparency between incumbent politicians to overcome. Greeneum seeks to address this by implementing a dual system: first, the network uses blockchain technology to secure, track, and manage billions of energy trades. Utilities and energy providers can use the network’s smart contracts to customize the data insights they collect. Secondly, the network uses artificial intelligence and machine learning to further validate energy data flowing into the network to generate forecasts.
The network will produce utility ERC20 token called GREEN to incentivize green energy production and also to reward users for consuming green energy. A number of test nets and pilots are running currently in Europe, Cyprus, Israel, Africa and the US. Greeneum expects the project and platform MVP to be completed by mid-2018.
Assaf Ben-Or, CEO and Founder of Greeneum, said: “The Greeneum Network pairs the best functions in blockchain technology with best practices in clean and sustainable energy at scale. Our vision is for a smart, efficient, and sustainable global energy ecosystem with clean power at its core.”
Greeneum advisors include Michael Terpin, Transform Group founder and CEO; Bryan Feinberg, CEO and Founder of Etheralabs and P2Primex; David Drake, Chairman of LDJ Capital, a family office; Victoria Partners, a 300 family office network based in London; Stas Oskin, CTO at ChainLab and core developer for the Wings Platform; Francois Sonnet, co-founder of ElectriCChain & SolarCoin and SolarChange.