In a recently posted list of Asia’s top 10 blockchain-based energy products, three were in Korea, an indication, perhaps, that the country is punching above its weight in putting blockchain to practical use. The post also reminds us that aside from the public fascination with the speculative possibilities of crypto, blockchain is a technology that can revolutionize human behavior. For the better. Hopefully.
Of the three Korean projects listed, the most interesting may be an initiative launched by the city of Chuncheon, the capital of Korea’s mountainous province of Gangwon-do, to incentivize investment and the use of renewables through a partnership with Swytch, a U.S.-based clean energy platform powered by blockchain. Signed in August, the partnership deal calls for both sides to “jointly pursue sustainable alternatives to traditional energy sources through the development and adoption of solar energy and the implementation of the Swytch network.”
Swytch uses blockchain technology and artificial intelligence to track the carbon impact of renewable energy generation and to reward sustainable behavior. The system uses “Swytch tokens” to reward individuals, companies and organizations for generating renewable energy. As Swytch’s network expands, the platform plans to reward other sustainable actions too, such as cutting energy usage or driving electric cars.
What makes this project so interesting is its ambitious scale – Swytch has been given an entire city in which to put the plan into action and, if proven successful, it could expand to other cities, increasing its impact.
Indeed, blockchain technology may make its biggest impact in the energy sector. “Energy is seen by many to be the ‘killer app’ of blockchain technology because of its ability to automatically meter and allocate resources in a provably equitable way,” wrote Eoghan Gannon at Blokt. “There have even been fully completed projects launched on a small scale in this space, such as the Brooklyn microgrid network, which allows neighbors to share resources equitably.”
(By Yogita Khatri, CoinDesk)
(By Divya Bhatia, CoinGape)
(By Anujit Kumar Mukhopadhyay, BlockTelegraph)
(By Kim Byung Chul, CoinDesk)
(By Matej Michalko, CryptoSlate)
(By Andrew Braun, Blockonomi)
(Interview with Jaekwang Bae, president of the Korean Fintech Research Institute, Times of Malta)