WePower: Green Energy on the Blockchain

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WePower, a green energy trading system based on blockchain technology. The platform allows renewable energy producers raise capital through the issuance of their own tokens. The tokens are the energy that they have committed to producing and delivering. Energy producers are able to trade with green energy consumers (consumers or investors) directly and can raise capital through selling energy at a discount.

Kaspar Kaarlep is the leader of the technology team. He was the former CTO at Elektrilevi and he, along with his team, built the Estonian Smart Grid Infrastructure over the last 10 years. Kaspar Kaarlep assembled a team of experts in energy information systems. This team, with their direct experience in working for and directly with utilities is uniquely positioned to understand how the changing energy landscape impacts it.

WePower has launched a pilot with Elering, the Estonian transmission systems operator. The project aims to build a proof of concept for recording national-state-scale consumption and production on the Ethereum blockchain. It will be the first time that a blockchain-powered energy market is able to make its first real steps. WePower will leverage Estonia’s advanced smart grid. This includes the hourly smart meters and central data hub, which has a layer of data exchange for third party access. This is the perfect technical environment to evaluate the scalability of our technology.

WePower can help utilities explore the examples below that do not exist yet:

Blockchain energy data can be used to create new experiences for consumers.
Explore the utility business model as a broker of data at large scale. A GDPR-compliant data exchange layer controlled by the customer could be used to strengthen the relationship between a utility and their customer.
The smart grid will help to better integrate renewable energy sources and facilitate grid-level energy clusters.