Pilot Project Tests Large Scale Tokenization of Energy Data
Estonian independent electricity and gas system operator, Elering AS and WePower, a blockchain based green energy trading platform that aims to drive global green energy adoption and promote sustainable living, has announced a pilot project to test the large scale tokenization of Energy data on blockchain in Estonia. This project is designed to prepare for a future practical test that will connect European green energy producers to the Estonian Smart Grid.
To achieve this, WePower will integrate its blockchain and smart contract powered green energy trading platform into Elering’s Estfeed data exchange platform. This will form a proof-of-concept system for Estonia, demonstrating nation-state scale tokenization of energy consumption and production data on the blockchain. This will make energy trading accessible to prosumers of all sizes and configurations. WePower will be leveraging Estonia’s existing advanced smart grid infrastructure, particularly the 100% smart meter coverage with hourly reading and a central data hub. It will also test the scalability for tokenized asset trading technology and provide a bridge between green energy producers and traditional grid operators.
Taavi Veskimägi, CEO of Elering, remarked: “Elering’s motivation in this project as a transmission system operator is to enable energy innovation by removing market barriers. For that purpose we have built the Estfeed data exchange platform, which enables people to share their energy meter data with new service providers. WePower is a great example of the potential of innovation in the energy sector that can be unleashed by transparent data access,”
Co-Founder and CEO of WePower, Nick Martyniuk said: “We are thrilled to announce our partnership with Elering AS as it is the first step in our goals of making the smart grid greener. Estonia is the perfect country to start with, as it already has an existing advanced smart grid infrastructure that we can integrate out technology into. This partnership is an excellent use-case to show the viability of blockchain technology in the green energy space, and marks a huge achievement towards creating a global blockchain powered energy trading network.”