Greeneum today 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 redefine renewable energy systems globally by enabling decentralized peer-to-peer trading, providing analytics and predictive insights on the energy lifecycle, and incentivizing the production and consumption of green energy.
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, while encouraging, validating, and rewarding the production and consumption of renewable energy.
Greeneum users may monitor real-time energy usage, and use the data to create more accurate predictions and optimization recommendations. The platform is developed by the team behind the first-ever renewable energy currency, SolarCoin.
Energy systems worldwide are notoriously outdated and inefficient. Many are plagued by the challenges of transitioning to low-carbon sources, poor grid reliability and the lack of transparency between incumbent politicians. In California, for example, growing solar generation has occasionally driven power prices extremely low. Yet, consumers in California continue paying some of the highest electrical bills in the United States.
Greeneum addresses those challenges 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. For example, a utility with branches across the country may specify to receive data only from one specific location. Second, the network uses artificial intelligence and machine learning to further validate energy data flowing into the network to generate forecasts. Greeneum Network users can reap this data for insights.
The network will produce utility ERC20 token called GREEN to incentivize green energy production and 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 will be completed by mid 2018.
“The Greeneum Network pairs the best functions in Blockchain technology with best practices in clean and sustainable energy at scale,” says Assaf Ben-Or, CEO and Founder of Greeneum. “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.