Crypto Apps

US FinTech Start-Up To Pilot Blockchained-Run Renewable Energy Grid

An application to manage a local renewable energy grid is already happening.

This was after an energy and transportation startup called EVShare is piloting a community energy-sharing pilot in Los Angeles.

Receiving $20 million from partner funding and a whopping $9 million grant from the California Energy Commission, the company is committed to testing the soonest.

How doe that works?

The system depends on connecting local solar energy systems with electricity-based transportation to produce an organic energy market.

It aims to stitch together the 50 households to a localized grid that will be providing for a pool of shared electric vans.

Furthermore, the projects which will star blockchain systems are relying on the RSK Bitcoin sidechain and the RSK Infrastructure Framework.

The mother company is IOVLabs, who will bolster the sharing economy in this pilot. This effort in the blockchain systems is set to record data on electric vehicles, solar panels, energy storage, electric vehicles, and charging infrastructure.

All data that will be acquired will be used to support a carbon credit trading market.

Meanwhile, the participants will be given tokens once they reduce the carbon footprint like vanpooling, generating, and using renewable energy, among others.

Also, the tokens can be used to pay and buy electricity consumption and rides to encourage a circular economy for carbon credits.

The pilot is being launched in Bassett, a community in Los Angeles County. Residents of the neighbourhood will be able to download the Green Commuter app to sign up.

The CEO of EVShare Eduardo Munoz is proudly disclosing that the project has been in preparation for some time. The leader of the project is the Energy Coalition is a committed partner who has started working for two years already.

He also added that to one would get an automates smart contract once they “register, certify and validate transactions and carbon credits between assets through this.

Like any blockchain-based system, the process is transparent.

Meanwhile, the RSK is a smart contract platform that capitalizes on the pegged version of Bitcoin as its native token and is merge-mined using the Bitcoin blockchain to stem security from its mining ecosystem.

It has already embarked and announced a pilot in Argentina. Other notable blockchain systems are following this track like Thailand, Germany, Japan, Austria.

This project is one of the many first in the United States.

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