Blockchain applications are creeping into energy trading.
WePower, one of a growing number of energy blockchain hopefuls, has found early success in the European market with an agreement to tokenize data from the Estonian independent electricity and gas system operator Elering.
“WePower will integrate its blockchain and smart contract powered green energy trading platform into Elering’s Estfeed data exchange platform,” said the blockchain firm in a press release. “This will form a proof-of-concept system for Estonia, demonstrating nation-state scale tokenization of energy consumption and production data on the blockchain.”
CEO and Co-Founder Nikolaj Martyniuk said the partnership could allow WePower to fine-tune the alpha version of its platform, which will be tested in February and March, and sell the concept in other European countries with similar energy markets.
The company is planning to run simulations on the technology platform between February and August, and start trading renewable power in Spain in the fourth quarter of this year.