Rightly said, the green energy revolution race is on! The future of energy is green; harnessing power from the wind turbines, solar cells or other renewable energy resources is regarded as one of the cleanest and most sustainable ways, as there is no CO2 emission or toxic byproducts. Nevertheless, the sun isn't shining all day, and the wind tends to blow seasonally; how can energy consumers rely on solar and wind power to meet their ever-present, daily energy needs? And yet, given the way most of the organizations have gone about adding renewables to the grid, there is a fair amount of inefficiency and energy wastage due to unreliable predictions of green energy productions. As a trained solar and energy engineer for many years, Assaf Ben Or realized the need for a smart solution that could optimize the production and distribution of green energy. He set out to combine Artificial Intelligence (AI), smart contracts and blockchain technology to create a holistic solution that forecasts energy demand in the power grids and enables smart monetization with real-time peer-to-peer (P2P) energy and data transactions, eventually leading to the genesis of Greeneum Network.
Greeneum offers an energy trading platform that connects all the entities in the energy supply chain—energy producers, utilities, grid operators, energy traders, and consumers into a single Greeneum network. The firm’s platform is built on blockchain and smart contract technology that is used to record, validate and trade energy production and consumption within and between electrical grids. The underlying data layer will be powered by Greeneum’s proprietary AI and machine learning algorithms to analyze renewable energy data and available energy in the local grid. This sophisticated advanced analytics system gives accurate predictions of the available sun or wind energy in the global energy marketplace. “With real-time insights and data predictions, we allow stakeholders to optimize the performance of green energy projects and balance energy supply and demand in a power grid, significantly democratizing green power,” says Ben Or, Founder and CEO, Greeneum Network.
On one side, the firm gathers all the producers of renewable energy, including solar, wind and hydro plants; and on the other side, it’s signing up payers who want to consume electricity generated by those plants. To this end, Greenum has created its cryptocurrency, a Green token to incentivize green energy producers like residential users who own solar cells on the rooftop, or wind turbines in their farms and also reward the users for consuming green energy. These rewards, certifications, and energy tokenization on the energy productions are eventually traded for sustainable energy services or goods on the green marketplace. Such a setup cuts the middleman intervention, providing a higher return for those who have invested in renewable technology, while also providing cheaper energy for those who want to utilize greener sources of electricity.
The firm has currently conducted a number of pilot programs in Europe, Cyprus, Israel, Africa to connect the consumers, producers and energy transmitters and give insights on how to be efficient, reduce energy wastage and fluctuation problems in power grids and utilize more renewable energy sources. “We do this for the energy ecosystem in general that work toward a smarter and greener future,” asserts Ben Or. Currently, the firm is working with a large client who is planning to establish a decentralized, secure, and more efficient marketplace for energy production in Argentina and South America.
“I would put my money on the sun and solar energy. What a source of power! I hope we don’t have to wait until oil and coal run out before we tackle that,” Thomas Edison
Painting the World ‘GREEN’ with Greeneum’s Decentralized Energy Platform
The need to emphasize on renewable sources to feed the world’s insatiable power-hunger is ever more pronounced today. As a technology and innovation hub, for Europe this means many opportunities for leading the green energy revolution by spearheading R&Ds centered around this relatively unexplored domain. Changes are already evident with the region’s share of renewable energy in gross final energy consumption doubling between 2004 and 2016.This transition is purely the result of joint-efforts between private players and governments that has dramatically, and efficiently, inflated the quantity of renewable energy produced between 2006 and 2016 by around 66.6 percent. Currently pegged at 13.2 percent, EU-28, anticipates further pushing renewable sources’ share of gross inland energy consumption up by almost seven percent by 2020. But achieving this quixotic target underpins a renewed focus beyond just energy generation capabilities.
Our traditional power grids are fast aging and fail to tick many boxes.
For decades, the model for energy production, distribution, and consumption has largely been centralized. To accommodate the new sources, we need smarter grids that can handle distributed generation and two-way energy flow brought about by peer-to-peer energy sharing models. Tel Aviv based Greeneum Network’s vision is aligned with this imperative. Its remedy to reinvigorate power grids is a potent mixture of smart contracts, targeted artificial intelligence, and blockchain technology which promises more control for grid operators and opportunities for individual consumers to monetize their small-scale renewable energy investments.
"Greeneum makes energy markets more efficient and profitable by rewarding energy producers with GREEN certificates and GREEN tokens. Be it residential or commercial renewable energy providers, Greeneum allows them to efficiently trade their energy in the Greeneum energy marketplace"
Since the energy consumption patterns are changing today, Greeneum has created a sustainable energy market that enables smart monetization of real time energy transactions.
The firm decentralizes and incentivizes the energy marketplace by providing an advanced network, wherein all the stakeholders can reliably generate, trade, and consume renewable and sustainable energy.
Greenum’s true peer-to-peer blockchain-powered decentralized energy platform facilitates a more democratic system of buying and selling renewable energy. This means, energy buyers (end users and investors) are directly connected with residential green energy producers, creating an opportunity to purchase energy at best market rates. The platform has a multi-chain architecture involving three connected systems for managing global data and monetization and efficient energy trading. The targeted AI, blockchain, and smart contract technology collectively foster true transparency, security, actionable insights, and precise energy predictions allow users to drive efficiency and decrease operating costs.
Greeneum makes energy markets more efficient and profitable by rewarding energy producers with GREEN certificates and GREEN tokens. Be it residential or commercial renewable energy providers, Greeneum allows them to efficiently trade their energy in the Greeneum energy marketplace. All energy transactions are verified and tokenized using the firm’s advanced smart contract technology, proprietary AI and machine network algorithms, and multiple validation techniques.
The firm’s GreenPET is a unique service that allows producers and consumers of green energy around the world to perform advanced calculations, validations and predictions on energy productions. GreenPETs are automated Proof-of- Energy-Transaction systems, where the data is transmitted through a validation process and energy is profiled and verified automatically. The system also runs periodic calculations of production and consumption on the grid and allows consumers to interact directly with each other, so that they can utilize green energy more effectively.
Since, energy productions and transactions are efficiently gleaned and categorized using advanced machine learning algorithms, green energy producers can utilize their green tokens, rewards, and certificates more profitably. Besides, the firm also offers Greeneum APIs which allows easy and compatible integration and customization to meet the requisites of different types of users such as solar power generators and power grid operators. These APIs act as a holistic solution to seamlessly connect the “three actors”—energy consumers, transmitters and producers—to the Greeneum blockchain for easy energy trading, as well as provides them with insights on how to optimize energy production or balance the electric grid based on the available energy. It also helps the whole energy network to gain financial benefits and enable them to be greener, by reducing energy waste.
The European Union’s roadmap to 2050 sheds light on their commitment to cut levels of carbon dioxide emissions by 80 to 95 percent. Finding a comfortable spot in this future narrative will demand increasingly robust means for integrating, monitoring, managing, and maintaining an increased portfolio of renewable and distributed energy sources. CIO Applications sees Greeneum as the right medium that can help utilities not just across Europe but also across the world to prepare for the move toward a greener world.