Today Austria’s largest energy firm Wien Energie and RIDDLE&CODE Energy Solutions, the IoT and blockchain company, announced the successful launch of MyPower, a blockchain-based energy tokenization platform.
MyPower tokenizes solar panels or photovoltaic (PV) assets, allowing customers to purchase shares in PV plants across Austria. In return, the customers receive kilowatt-hour tokens which are securely stored in digital wallets and notarized on the blockchain. Based on the amount of power generated by the solar panels, customers receive additional tokens and may then redeem their kilowatt hour tokens through energy bill payments or grocery purchases.
The current market structure of energy grids is limited by one-way energy and value flows, meaning that consumers are essentially excluded from participating in energy production. Yet, it is becoming increasingly clear that local energy communities and microgrids will play a crucial role in the adoption of renewable energy systems.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
