A New Blockchain Platform Aims At Maximising Energy Waste

A new platform based on blockchain is hoping to stop the surge electricity bills surging with an innovative model. According to Bittwatt, the design of a “simple, sustainable and scalable system” which eliminates imbalances between supply and demand gives the perfect answer to this problem.

The company is currently creating a blockchain-based marketplace which shares the consumption data in real-time. Along with its “matchmaking platform”, it allows buyers and sellers to trade energy based on their requirements.

In other words, Bittwatt creates an ecosystem that means power plants can be called upon to increase their output levels at the times of highest demand. Similarly, the consumers with unused electricity would be able to sell it during the peak periods and therefore reduce pressure on the grid.

Thanks to the demand-response mechanisms, the existing energy resources are used to their maximum potential. This exceeds the requirements of end users. Currently, the company says that pressure is being put on electricity grids around the globe. This is due to the production levels that cannot be adjusted in order to reflect the demand. Bittwatt’s ecosystem is the ideal solution that is practical (in times when costs are soaring) and one that precisely measures and transfers electricity.

Bittwatt is confident that they have a competitive advantage over other platforms for a number of reasons. The biggest one is the fact that they already have a “substantial” consumer base and a potential to create jobs. Plus, third-party applications are supported on the platform and there is no regulatory change needed before it can be launched and embraced by the industry.

The main people behind this company already formed relationships with several companies on the Balkans – the Macedonia-based Future Energy, Energy Market in Bulgaria and Romanian’s Eva Energy. All of these companies already achieve millions of dollars in turnover per year.