Human

Go green, get rewarded

 By Amanda Saint

A new GreenTech startup, Greeneum, hopes to get more power from renewables by incentivizing both power providers and end users with rewards that can then be used to support more green initiatives…

Founded in 2017 by Assaf Ben-Or, the company is using blockchain and smart contract technology, combined with cryptocurrency, to try and accelerate the transformation of the power industry into a green and sustainable one.

The tech that powers the transformation

Blockchain is at the heart of this transformation. So what is blockchain technology? “The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value,” according Don and Alex Tapscott, authors of Blockchain Revolution.
Smart contracts have evolved out of blockchains and are also known as self-executing contracts. Essentially they are contracts that have been converted to computer code, stored and replicated on the blockchain system and are then supervised by the network of computers that run the blockchain.
According to BlockGeek “If you take away all the noise around cryptocurrencies and reduce it to a simple definition, you find it to be just limited entries in a database no one can change without fulfilling specific conditions. This may seem ordinary, but, believe it or not: this is exactly how you can define a currency.”
It’s these innovations combined that inspired Ben-Or to create Greeneum, which is supported by a whole range of partners including MIT, Siemens, IBM and the International Renewable Energy Agency.

The Greeneum Energy Platform

Greeneum’s solution is a decentralized energy network using a two-pronged approach described as a local energy trading system and a global data system. This blockchain network essentially enables green energy producers, consumers, traders, utility companies and other stakeholders, to interact and trade in green power and other products.

How does it all work?

  • Energy producers
    Once clean energy producers have been validated by Greeneum, they get rewards in the form of green tokens, which can be exchanged for carbon credits and green certificates, for each clean MW of power created. The system is automated, using the GreenPET system, and the data stored on the blockchain.
    The carbon credits can either be exchanged for more green tokens, sold on the Greeneum open market, or traded for other cryptocurrencies. While the certificates can be traded on the open market for other green products and services.
    When end users buy their energy from Greeneum’s validated suppliers they are rewarded with green tokens of their own to spend in the Green Marketplace. They can use them for a whole range of eco-friendly purchases, from a single smart monitor or solar panel to enough wind turbines to build a farm.
  • Energy consumers
    When end users buy their energy from Greeneum’s validated suppliers they are rewarded with green tokens of their own to spend in the Green Marketplace. They can use them for a whole range of eco-friendly purchases, from a single smart monitor or solar panel to enough wind turbines to build a farm.
Greeneum: decentralized energy for an eco-friendly future

Greeneum projects

As well as trading their tokens for certificates and credits, Greeneum offers energy suppliers, and other green energy service providers and product manufacturers, the opportunity to get involved in green energy projects in developing markets.
The company highlights that the tokens can be used to support and initiate clean energy projects in Africa, Latin America and Southeast Asia.

Green energy revolution?

Greentech watchers are excited about its potential to revolutionize the energy world. The ICO pre-sale is currently offering one green token for $0.28.
The ICO will be the testing ground for this innovative platform so whether it will be a revolution or not won’t be known for a while yet. But Greeneum is a GreenTech startup to watch. The world will be watching how these ideas develop to deliver the green transformation the energy industry has been seeking.

about the author
Amanda Saint
Journalist and content writer, specialised in engineering and technology with a focus on environmental sustainability, urbanisation and biotechnology.