The city of Chuncheon, South Korea, will partner with blockchain-based clean energy company Swytch, to incentivise the construction of renewable energy infrastructure.
The city of Chuncheon, capital of the Gangwon Province in South Korea, aims to significantly increase the capacity of its renewable energy infrastructure in order to address energy shortages in a sustainable way. In particular, the city aims to boost solar energy, and will incentivise participation in the scheme using Swytch’s blockchain network.
Swytch’s platform is able to identify the areas in which investment will deliver the most significant reductions to carbon emissions, and thereby maximise impact. The partnership with Chuncheon was announced last week at a meeting between mayor of the city Lee Jae-Soo, and representatives of Swytch, the Bitcoin Foundation and the United Nations Future Forum.
How can blockchain technology increase the impact of sustainability efforts?
Swytch is a blockhain-based platform that tracks and verifies the carbon impact of a variety of sustainable actions, including the construction of renewable energy infrastructure and generation. Using smart meter and blockchain technology, the platform can then reward people, companies and organisations who deliver the highest impact in reducing carbon emissions, thereby incentivising sustainability.
The platform also uses artificial intelligence and machine learning to determine the volume of carbon being displaced by each users, in order to calculate which users to reward, and to ensure that every user is contributing to reducing the global carbon footprint to the fullest extent.
How will Chuncheon benefit from using the platform?
Lee, the mayor of Chuncheon, expressed his excitement about the potential positive impact that the blockchain platform could have on incentivising companies to build new renewable energy infrastructure. He said: “There is no doubt that growing our renewable energy dependence is a positive action. We look forward to this partnership that will decrease our carbon footprint and increase sustainable energy.”
Chuncheon is the latest in a line of cities to partner with Swytch to develop cleaner energy infrastructure, and other cities in Asia, Europe and the Caribbean are also in talks to make use of the platform.
