January 4 (Renewables Now) - Estonia’s national transmission system operator (TSO) Elering and blockchain-based green energy trading platform WePower will partner to demonstrate the large-scale tokenisation of energy consumption and production data on the blockchain.
The pilot project, announced Thursday, will take advantage of the advanced smart grid infrastructure in Estonia, particularly the 100% smart meter coverage with hourly reading, and a central data hub. WePower will integrate its blockchain and smart contract powered trading platform into the Estfeed data exchange platform of Elering, through which people share energy meter data with new service providers.
The partners say this project will test the true scalability for tokenised asset trading technology, and support work towards a global blockchain powered energy trading.
“This partnership is an excellent use-case to show the viability of blockchain technology in the green energy space, and marks a huge achievement towards creating a global blockchain powered energy trading network,” said Nick Martyniuk, WePower co-founder and chief executive officer.
A first of its kind in Europe, the pilot project is seen to prepare the ground for a future practical test that will connect green energy producers in Europe to the Estonian Smart Grid.
According to data by Eurostat, Estonia is one of few European countries that have surpassed their renewable energy targets for 2020. At the end of 2015, the country had reached a 28.6% renewables share in gross final consumption of energy, while its goal for the end of the decade is 25%.