Transforming the Energy Industry
Energy Web is a crypto project that has a fundamental focus on transforming the energy industry. Energy Web Chain has taken a significant, global industry by storm with its focus on peer-to-peer energy trading. It allows the exchange of energy on a 15-minute basis between consumers and other market parties. Energy Web Chain allows energy to be traded from a home to a neighbor, another energy community, or business, providing the home the ability to sell excess energy generated from their energy assets, such as solar panels. Elia Group, the main supplier of energy for Belgium and North Germany through its subsidiary 50 Hertz, has been working with Energy Web to develop a consumer-centric and sustainable electricity system.
Exchange of Energy Blocks
Elia Group's exchange of energy blocks allows the exchange of energy on a 15-minute basis between consumers and other market parties, and has a similar concept to blockchain. Energy Web and Elia Group are working on various Github repositories, including SSI and self-sovereign identities. Energy Web has been testing the Exchange of Energy Blocks and Energy Track & Trace with several major energy companies, including Energinet, one of Denmark's biggest energy companies, and Elering, one of Estonia's largest energy companies. Green Tracking, developed by Elia Group and Energy Web Foundation in 2021, has facilitated 24/7 energy procurement toolkit.
Toolkit Available on Microsoft Azure
The Energy Track & Trace toolkit is now available on Microsoft Azure, making Energy Web's services more accessible to enterprise users and unleashing Energy Web as-a-service. This development indicates that a significant portion of energy in Europe will run on Energy Web Chain. The Elia Group's CEO, Chris Peeters, mentioned in a whitepaper that the CCMD should be ready to be rolled out as early as 2023 or 2024.
Conclusion
Energy Web's focus on peer-to-peer energy trading, combined with its work with energy companies like Elia Group, has the potential to transform the energy industry. The availability of the Energy Track & Trace toolkit on Microsoft Azure is a significant milestone, demonstrating the increasing importance of blockchain technology in energy trading. The Energy Web Foundation's development in the energy sector is critical to the future of the industry. As Energy Web continues to work with energy companies to bring peer-to-peer energy trading to the mainstream, we can expect to see significant changes in the energy market.
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