All of Estonia’s energy data shifts onto blockchain.
WePower has tokenized a year’s worth of Estonian grid data, marking a world first for energy blockchain technology.
The Lithuanian firm said a pilot to put all consumption and production data from Estonian transmission system operator Elering onto blockchain is part of “a groundbreaking collaboration” between the two organizations.
The hourly data from 700,000 households was aggregated by postal code, per hour, to reduce it to a manageable size, according to a technical report on the project.
WePower figured its Ethereum-based blockchain architecture would need at least 15 seconds to write each block of 200 data points.
This meant the raw Estonian data, comprising more than 6 trillion items, would have taken 14 years and around €210 million (USD $239 million) to put onto blockchain, WePower calculated.
WePower eventually uploaded 26,000 hours and 24 terawatt-hours of aggregated production and consumption data to blockchain, and turned it into 39 billion smart energy tokens.
Each token is essentially a digital self-settling power-purchase contract representing one kilowatt-hour of power. The tokens are tradeable and can be sold into the local energy wholesale market by linking the digital contracts with power grid data on the blockchain.
The pilot is said to have been the largest of its kind in the world.
Source/More: WePower Is the First Blockchain Firm to Tokenize an Entire Grid | Greentech Media