AUSTIN, Texas, May 24, 2018 /PRNewswire/ -- Swytch, a blockchain-based clean energy incentive, today announced it has become an Affiliate of the Energy Web Foundation (EWF), a global nonprofit organization focused on accelerating blockchain technology across the energy sector. As consumers transition from legacy sources to renewable energy sources, blockchain's security and immutability make it an ideal technology to help reshape an industry that relies on timely and accurate data.
As an EWF Affiliate, Swytch joins a community of the world's biggest utilities, power customers and blockchain developers in collaborating on the creation of a decentralized electricity grid. As the Swytch platform evolves, EWF's open-source blockchain and tools—specifically tailored to the electricity sector's needs—will be invaluable for global integration.
"Energy Web Foundation and our global ecosystem of Affiliates are tenaciously working together to advance blockchain technology in the energy space," said Ewald Hesse, vice president of the Energy Web Foundation. "Of blockchain's many potential uses in the energy sector, its role to help decarbonize electricity grids around the world is of utmost importance. We are excited to welcome Swytch into the EWF Affiliate network and support its efforts to help the world reduce its carbon footprint."
Swytch leverages smart meter and blockchain technology to track, verify and reward the companies and people who reduce carbon emissions the most. At the core of the Swytch solution is an open-source "Oracle" that will allow for multiple models and algorithms to determine how much carbon is being displaced and therefor how many Swytch tokens to award.
"The opportunity to work with other thought leaders in the space will allow Swytch to continuously stay ahead of the curve on both the blockchain and energy fronts," said Evan Caron, founding partner and managing director of Swytch. "As an open-source clean energy blockchain platform, we look forward to working with EWF and its members to engage in the development and refinement of the Swytch platform."
EWF today boasts more than 50 Affiliates spanning the globe, including some of the largest energy companies in the world, and more than 30 companies are actively building and testing apps on the Energy Web blockchain.
About Energy Web Foundation
Energy Web Foundation (EWF) is a global nonprofit unleashing blockchain's potential to accelerate the transition to a decentralized, democratized, decarbonized, and resilient energy system. EWF is building the shared, digital infrastructure—an open-source, scalable blockchain platform—specifically designed for the energy sector's regulatory, operational, and market needs. Co-founded by Rocky Mountain Institute and Grid Singularity, and with a worldwide network of nearly 50 affiliates and growing, EWF is poised to become the industry's leading choice as the foundational base layer, providing the building blocks powering the world's energy future. For more, visit http://www.energyweb.org.
Austin-based Swytch is a blockchain based platform that helps reduce the global carbon footprint by tracking, verifying and rewarding the impact of sustainability actions on CO2 emissions. An Open "Oracle" at the heart of the system acts as a distributed authority, awarding Swytch tokens to people, companies and organizations that make a meaningful and measurable difference in reducing emissions. For more information, visit Swytch.io or follow Swytch on Telegram, Medium and Twitter.
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