Swytch blockchain helps Korean city save energy
August 22, 2018
Texas-based Swytch, a blockchain-based clean energy incentive, is working with Chuncheon, the capital of Gangwon province in South Korea, to drive economic and environmental sustainability and to reduce carbon emissions in the city.
Under the deal, they have agreed to pursue sustainable alternatives to traditional energy sources through the development and adoption of solar energy and the implementation of the Swytch network.
"This partnership aims to address energy shortages while incentivising infrastructure development in a city that is ready to decrease its dependence on fossil fuels," said Youngsook Park, vice president of business development of Swytch in South Korea. "Swytch enables renewable energy investments to shift to areas that will have the biggest impact on carbon reduction, creating a more fluid energy market."
Swytch is a blockchain-based platform that tracks and verifies the carbon impact of renewable energy generation and other sustainable actions. Swytch leverages smart meter and blockchain technology to reward the companies and people who reduce carbon emissions the most.
At the core of the Swytch system is the open-source Oracle that uses artificial intelligence and machine learning to determine how much carbon is being displaced and therefore how many Swytch tokens to award.
"There is no doubt that growing our renewable energy dependence is a positive action," said Lee Jae-Soo, mayor of Chuncheon. "We are enthusiastic about this partnership that will decrease our carbon footprint and increase sustainable energy."
Several other cities in South Korea have already developed partnerships with Swytch and additional agreements in Asia, Europe and the Caribbean are under discussion.
"As the Swytch platform evolves and we continue improving our models for predicting and valuing the effectiveness of different energy assets and sustainability programmes, this partnership in Korea will be invaluable to us," said Evan Caron, co-founder and managing director of Swytch. "We look forward to driving collaboration and innovation in Chuncheon."