Swytch uses blockchain for AI-powered renewable energy platform
December 11, 2018
Swytch’s blockchain-based clean energy platform can provide enterprises with real-time visibility into their green energy production data in a way that ensures anonymity and security. The Texas company uses AI-based predictive technology to create sustainable policies.
The launch follows an operational beta test with Germany’s Energy2market (E2M), a specialist 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 more than half a million homes.
Recognising 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 digitises energy production at the source. In doing so, Swytch empowers energy enterprises to access, control and analyse their own information, in a decentralised 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, which designs and builds critical infrastructure, such as data centres, 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 is very appealing to our corporate customers behind data centres and other infrastructure projects."
Reliable energy data are 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 centralised governance structure in favour of a distributed approach. The distributed nature of blockchain provides 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 recognised industry pioneer in sustainability and New York Times bestselling author. He 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 incentivise 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 behaviour, we can turn the tide towards reduced emissions."
Swytch is in 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.
Austin-based Swytch was created by a team of energy and technology experts focused on developing blockchain to solve some of the world's biggest problems. By addressing the market failures that have resulted in inadequate adoption of renewable energy assets and sustainability programmes, Swytch says it accelerates the adoption of renewables, mitigates the impact of climate change, and encourages energy development and sustainable behaviour.
The Swytch platform delivers real-time, immutable and regulatory compliant green energy production information, enabling enterprises to create sustainable policies and empowering everyone to take a more active role in reducing global carbon emissions.