EWF Activates Global Energy Blockchain

EWF Activates Global Energy Blockchain

The Energy Web Foundation (EWF), based in Zug, Switzerland, have launched their Energy Web Chain (EW Chain) which they claim is the world’s first public, open-source, enterprise-grade blockchain for the energy industry.

Among a lengthy list of over 100 stakeholders associated with the project are the household names of Centrica, E-On, General Electric, and Shell.

Multinational Endeavour

Ten of EWF’s affiliate companies – including French power company Engie, Belgian transmission systems operator Elia, Singapore Power Group, Germany’s OLI Technology and Spain’s FlexiDAO – will initially host the multinational validator nodes for the Ethereum-based Proof-of-Authority (PoA) network.

In their press release, EWF explained using PoA through permissioned validators increases the scalability, energy efficiency and regulatory compliance of the network.

A total of 17 dApps for energy trading and electric vehicle charging are already active on EWF’s testnet and are expected to be incorporated into the live network over the coming weeks. Such applications will enable individuals and companies to buy and sell renewable energy to balance the energy grid.

Jesse Morris, Chief Commercial Officer of EWF, believes the launch is “…a watershed moment for accelerating a low-carbon, customer-centric electricity system” and that the utility companies, grid operators and technology start-ups are “…teaming up to support a band new digital technology.”

Speaking to Green Tech Media, Morris outlined several use cases for the EW Chain including the collaboration between Engie, Singapore Power Group and Thai national oil company PTT who are creating dApps to track certificates of guarantees of energy origin.

As emerging economies may still be formalising regulations, Morris suggests that EWF’s decentralised solution “…could become the regulated standard… for tracing not just electricity but carbon.”