Copy link
Increase text size
Decrease text size
Link copied

Interac, Alectra Utilities to incentivize people to use renewable energy using blockchain

Interac [Attribution]

Mon, 01 Jul 2019, 09:27 am UTC

Electricity distributor Alectra Utilities and Interac, a Canadian interbank network, have collaborated to use distributed ledger technology (DLT) to offer monetizable incentives to people who use renewable energy, according to Forbes.

As per the report, the companies will use IBM’s Hyperledger framework to combine data and decision-making as they look for creative business models for monetizable rewards.

Different issues are usually encountered when grids are overused, especially during peak hours. Offering rewards can help lure users to choose renewable energy such as solar panels and control their usage pattern, which can ease congestion.

The payments will be sent to Interac’s network and infrastructure, and customers can immediately receive and spend the incentives. The report noted that during a 2-month period of the pilot project, users earned up to $100 CAD (~$76.35 USD).

Founded in 1984, Interac offers debit and money transfer solutions to allow customers to send money using their smartphones to merchants. It was formed by Canadian financial institutions and has recently emerged as the country’s leading payment network.

What this pilot is notable for is how quickly it has scaled with one energy utility to thousands of end consumers in production, the quick extensible nature of the setup to help other utilities benefit, and the fact that Interac is playing with blockchain principles in the first place,” the report stated.

Meanwhile, South Korea’s largest power provider, Korea Electric Power Corporation (KEPCO), has inked a deal with two local power suppliers, Nambu Electrica Power and Korean Southern Power Co. (South Power), to build a blockchain-based system to promote transparency and efficiency when transacting renewable energy certificates.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $9,564.06 (+0.62%)
  • Ethereum (ETH) $238.11 (+1.36%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $243.58 (-0.40%)
  • Bitcoin SV (BSV) $194.72 (-0.68%)
  • Bitcoin (BTC) $9,564.06 (+0.62%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft