WePower is an energy procurement and trading platform. Recently it announced the first of its kind nationwide pilot for tokenizing energy consumption. With this new development, the Energy Grid of Estonia has now taken its first stride towards blockchain. As per reports, the initiative from WePower will tokenize production data and energy consumption onto the ledger based on Ethereum to ensure efficiency in trading.
For this venture, WePower is collaborating with a transmission system operator (TSO), Elering. The company said that WePower is paving a way to bring digital revolution in the energy sector. Latest reports reveal that the company has been successful at uploading 26,000 hours and 24 TWh of energy consumption data to the blockchain for Smart Energy Tokens worth 39 billion.
This pilot run has been possible with the help of the ideal infrastructure provided by Estonia which is quintessential for this type of testing. The ideal infrastructure included a 100 percent smart meter coverage and support of Estfeed, which is a data sharing platform which enables the consumers to download the data and share it with any company or person of their choice including aggregated and anonymous data.
WePower used this features of Estfeed to run its pilot program for tokenizing energy consumption. Energy markets have always relied traditionally on the support of large providers. But with the advent of renewable energy things are beginning to change as it has facilitated a more distributed system, Crypto Briefing reported.
The Tokenization Executive Summary of WePower says, “Where energy buyers would not need to rely on one single source of electricity but could potentially pick and choose the producers that would fit their needs the best and transact with them directly.” According to the official website of WePower, the company has successfully enabled energy data accounting and storage on the platform of blockchain using smart energy contracts.
The company website also mentioned that it has tokenized nationwide energy production as well as consumption data in the country.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]