Can blockchain save the planet? If you believe that clean energy is the next necessary step in sustainable human development, then the answer may be yes. Just ask Enosi, whose new blockchain, designed specifically to promote clean energy innovation, is changing the way the energy industry works from the bottom up.
Left or right, east or west, most of the world agrees that the planet is in desperate need of clean energy if it’s going to continue flourishing. But despite this widespread acceptance, implementation of green energy initiatives are scarce in most of the world, and non-existent in many communities. Why? It’s simple: high costs and regulatory restrictions discourage new companies from entering the clean energy supply chain, which means a few large companies dominate the market and have no incentive to innovate and drive down costs.
In steps the Enosi Foundation, which has created a non-profit, open source, blockchain-based energy operating system that challenges energy conglomerates in order to make the green energy space more transparent, and far more efficient. By breaking up the iron grip large energy companies have on the industry, Enosi is empowering startups, small businesses, and communities to enter a level playing field and have a fair shot at offering clean energy to the masses.
“We’ve seen what treating the energy space as a monopoly can do to decentralized energy trading and sustainable energy,” said Steve Hoy, CEO of Enosi. “The sector is inundated with outdated and heavily regulated practices, which are met with minimal competition and innovation. Enosi will change all of that. The electricity industry is ripe for disruption, and Enosi’s new approach to support green community energy will bring about the much needed change that the industry’s been waiting for.”
Through its new tokenized transaction platform, Enosi commoditizes the different parts of the energy supply chain. The platform will partially automate market procurement, settlement, and compliance functions. This will significantly lower costs in the industry, reduce barriers for entry and open the flood gates to new competition. The platform further simplifies and eases regulatory barriers to enter the market. Enosi also enables new energy retailers, called neo-retailers, to cater to specific communities and niche markets by providing innovative energy delivery and billing approaches. Enosi’s new blockchain platform decentralizes the way we potentially generate, store, transport, and sell electricity, effectively creating a reliable, sustainable energy system for all.
Early enthusiasm for Enosi’s technology is high, with DC Power, Solar Analytics, the California Clean Energy Foundation, Energy Locals, and the Australian Photovoltaic Institute signing on as partners and collaborators. Enosi further signed on to a cooperative research agreement with the University of New South Wales.
Of course, moving energy operations over to blockchain technology would require widespread trust and comfort with blockchain among political and commercial gatekeepers that currently does not exist and could take years of lobbying to achieve. But if blockchain can help solve the energy and environmental crises in one stroke, then it’s a cause worth championing.
High costs and lack of competition have long been the dead weight holding the clean energy industry in its place. Could blockchain be the catalyst to finally shake this much-needed but lagging industry free to move forward? Enosi seems to be to be an initiative to watch.