Energy Sector: EW Chain, The First Blockchain Created Specifically For The $300 Billion Industry

Energy Sector: EW Chain, The First Blockchain Created Specifically For The $300 Billion Industry
Energy Sector: EW Chain, The First Blockchain Created Specifically For The $300 Billion Industry

The energy sector is in real need of change towards a greener and a more transparent industry. And among all the innovative ideas and projects that roam the sector worldwide, the Energy Web Chain (EW Chain) is one of those that has attracted more attention for its disruptive capabilities. First of all, it is the the first and only blockchain created specifically for the $300 billion a year global energy industry and it is about to be launched commercially.

Energy Web Foundation (EWF) formally unveiled the enterprise-grade version of the EW Chain at global energy blockchain summit EventHorizon in Berlin in front of an estimated 1,000 attendees. With this launch, blockchain for energy will no longer be just a future aspiration, it will become a reality.

“The first-of-its-kind EW Chain is designed to support the worldwide transition to a customer-centric, low-carbon energy system and will enable the grid to run on distributed, renewable energy sources on a massive scale,” pointed out the company in a recent press release. Whilst it also wanted to highlight that the platform is essentially a new operating system—a new digital DNA—for the electricity grid which can support all blockchain developers who share this clean energy vision.

The blockchain-based network has been tested and will be first used for applications including electric vehicles, renewable energy certificates, and even peer-to-peer energy trading.

Effectively, this example would be the first up and running blockchain based network on the energy industry. And that was also mentioned in the company’s PR: “The EW Chain will be the first public Proof-of-Authority (PoA), ethereum-based chain where validators are publicly-known corporations. These EWF Affiliates are well-respected and highly vetted; their participation is a key design decision for blockchain to gain the favor of energy regulators.”

Also, The EW Chain is staged for adoption and growth With 100+ corporate affiliates—including utilities, independent power producers, renewable energy developers, technology companies, etc. from around the world—the EW Chain boasts the world’s largest energy blockchain ecosystem, which is poised to accelerate adoption and scaling of blockchain-based solutions in the energy sector. Affiliates include names like Shell, GE, Siemens, Duke Energy, PG&E, SwissPower, and more.

As a public blockchain with open-source software development kits (SDKs), the EW Chain will allow for interoperability and innovation like the industry has never seen. With a virtual machine identical to public Ethereum and WASM, it’s highly accessible to developers with little to no additional learning curve, allowing decreased time to market for commercial dApps. Which, in turn, will make it a developer-friendly platform primed for rapid innovation. We’ll keep a close look to see how this network evolves in the future.

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Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.