A major city in South Korea and a United States-based eco-friendly blockchain company are coming together with an idea to minimize the carbon footprint in the environment.
Chuncheon, the capital city of Gangwon Province has signed an agreement with Swytch, a blockchain company that focuses on clean energy, with the goal of improving the environment and economic sustainability.
According to a press release, Lee Jae-Soo, the Mayor of Chuncheon and Brock Pierce, Chairman of the Bitcoin Foundation and a spokesperson from the United Nations Future Forum attended the meeting which provides a successful outcome. Both organizations are coming together with an idea of combining solar energy with the Swytch blockchain network to stimulate a renewable energy consumption model.
Way before the treaty was signed, various South Korean cities already functioned in collaboration with the US-based company. This shows the growing steps of blockchain technology in one of the most blockchain-friendly nations in the world.
Mayor Jae-Soo stated, “There is no doubt that growing our renewable energy dependence is a positive action… We are enthusiastic about this partnership that will decrease our carbon footprint and increase sustainable energy.”
The Austin based blockchain company will calculate the change in carbon content with the help of machine learning and artificial intelligence (AI). It works on the phenomenon that “tracks, verifies and rewards” the declination of carbon discharge.
The Vice President of business development of Swytch in South Korea, Youngsook Park said, “This partnership aims to address energy shortages while incentivizing infrastructure development in a city that is ready to decrease its dependence on fossil fuels.”
While applying the blockchain technology to the real world, the great barriers it faces are to cast itself into the mainstream industry fully. The environmental projects need to run properly with this new technology.
However, this initiative is just one of the hundreds of eco-friendly efforts currently undertaken by cities around the world. Liverpool, a city in the United Kingdom became the first ‘climate-positive’ city of the world after completing a deal with an eco-digital blockchain company. The alliance was disclosed in late July this year, and it aims to cut down the carbon emission in the city by 110 percent and then use the collected capital to fund the other global conservation projects.
Japan is also using this technology to upgrade its solar energy efficiency on a large scale. Through a deal that motivates the investors, who are willing to invest in clean energy sources. It also creates effective power management and extra income for users by selling surplus energy. The most important thing is that it grants permission to the users for sharing their energy resources across the blockchain.
Under a blockchain project an Eastern European country Moldova struck an alliance with a South African solar power marketplace. The users can buy the solar cell through the solar energy blockchain startup – ElectriCChain’s own SolarCoin, bitcoin or euros. After that, the user can rent the energy they produce to the largest Technical Universities of Moldova.