Blockchain Energy Trading Pilot Using Bitcoin Sidechain Goes Live in LA
Energy and transportation startup EVShare is starting a community energy-sharing pilot in Los Angeles. The initiative, which gained $20 million in ally funding and a $9 million grant from the California Energy Commission, is set to trial the application of blockchain technology in maintaining a localized renewable energy grid.
The system depends on combining local solar energy systems with electricity-based transportation to develop an organic energy market. The aim is to combine 50 households to a localized grid utilized to offer energy for a pool of shared electric vans. A blockchain system based on the RSK Bitcoin sidechain and the RSK Infrastructure Framework, created by its parent company IOVLabs, will power the sharing economy in this pilot. The blockchain will record data on solar panels, electric vehicles, energy storage, and charging infrastructure.
The data will be used to support a carbon credit trading market.
Participants will be compensated with tokens when they manage actions that decrease the carbon footprint, like vanpooling, generating, and utilizing renewable energy and other unspecified measures. The tokens will be spendable for electricity consumption and ride to promote a circular economy for carbon credits. The pilot is being launched in Bassett, a community in Los Angeles County. Residents of the neighborhood will be capable of downloading the Green Commuter app to sign up.
Blockchain in energy
RSK is a smart contract platform that utilizes a pegged version of Bitcoin (BTC) as its native token and is merge-mined with the Bitcoin blockchain to acquire security from its mining ecosystem.
The project has a moderately strong center on enterprise and government collaborations, currently declaring a banking pilot in Argentina. It is also creating a decentralized finance ecosystem positioned as Bitcoin DeFi due to RSK’s connection with the leading network.
Other blockchain systems have been utilized in energy pilots across the globe. These have been launched by a variety of companies in collaboration with local partners and authorities. The project spearheaded by EVShare is among the first such pilots to be started in the United States. It has a sharper focus on energy usage by electric vehicles.