A South Korean city has introduced a blockchain-platform that has been specifically designed to enhance environmental sustainability and reduce harmful carbon emissions that have been plaguing the urban metropolis.
The city of Chuncheon, which is the capital of the Gangwon Province in South Korea, recently announced its partnership with energy incentive enterprise Swytch.
Officials in the city have prioritized economic sustainability and the environment as key initiatives to address, and this partnership with Swytch allows both sides to jointly pursue sustainable alternatives to traditional energy sources through the development and adoption of solar energy and the implementation of the Swytch network.
The innovative blockchain-based platform is able to track and verify the carbon impact of renewable energy generation and other sustainable actions. Swytch leverages smart meter and blockchain technology to reward the companies and people who reduce carbon emissions the most.
It has been revealed that at the core of this innovative solution is an open-source ‘Oracle’ that uses emerging technologies such as AI and Machine Learning to determine how much carbon is being displaced, which subsequently conveys information which indicates how many Swytch tokens to award.
"This partnership aims to address energy shortages while incentivising infrastructure development in a city that is ready to decrease its dependence on fossil fuels," said Youngsook Park, vice president of business development of Swytch in South Korea. "Swytch enables renewable energy investments to shift to areas that will have the biggest impact on carbon reduction, creating a more fluid energy market."
Several other cities in South Korea have already developed partnerships with Swytch and additional agreements in Asia, Europe and the Caribbean are under discussion.