RIDDLE&CODE Energy Solutions, a subsidiary firm of the leading European blockchain interface company RIDDLE&CODE, together with the largest energy provider in Austria, Wien Energie, have announced the successful launch of a blockchain-powered energy tokenization platform called MyPower. The platform puts everyday consumers in charge of a co-created energy future by offering micro-investments and the tokenization of produced kilowatt-hours (kWh).
“Local energy communities and microgrids are expected to play an increasingly important role in addressing climate change challenges and the transition towards renewable and sustainable energy systems,” said Michael Strebl, CEO of Wien Energie. “However, the current market structure is inadequate to realise this vision, as consumers are practically excluded from participating in energy production and settlements. Blockchain has the potential to transform consumers into prosumers and active participants in the energy network.”
With the MyPower platform, which combines RIDDLE&CODE’s deep next-gen technology expertise with Wien Energie’s industry know-how, the two companies have managed to bridge this gap. As part of the project, RIDDLE&CODE Energy Solutions provides key management, tokenization and custody services and utilises Intel® Software Guard Extensions (Intel® SGX) to deliver the highest level of security.
The blockchain-powered platform enables consumers to participate in both energy consumption and production and benefit from using green energy. MyPower tokenizes solar photovoltaic (PV) assets and allows consumers to purchase shares in PV plants across Austria. At the MVP stage of the project, shares of a small, local PV plant were sold to a limited number of consumers. In return for their participation, consumers received a certain number of tokens, based on the amount of energy produced by the PV plant. The accumulated tokens could then be used for various purposes, such as paying electric bills.
“Confidential computing with Intel® Software Guard Extensions enables companies to leverage the benefits of confidential computing and allows data owners to remain in control of their sensitive data,” says Paul O’Neill, Senior Director, Business Development in Intel’s Confidential Computing Group. “RIDDLE&CODE’s launch with Wien Energy demonstrates how Intel® SGX can help to deliver the security foundation needed to build and deploy a new era of dynamic and cost-effective networks. Intel® SGX offers hardware-based memory encryption that isolates specific application code and data in memory. Intel® SGX allows RIDDLE&CODE to allocate private regions of memory, called enclaves, which are designed to be protected from processes running at higher privilege levels.”
“Through the tokenization of both digital and physical assets, RIDDLE&CODE enables new business models in the financial, mobility and, of course, energy industries,” said Thomas Fürstner, Founder and CTO of RIDDLE&CODE. “Together with Wien Energie, we will unlock the full potential of the energy marketplaces and provide consumers with a platform that is both flexible and trustworthy.”
RIDDLE&CODE Energy Solutions, a subsidiary firm of the leading European blockchain interface company RIDDLE&CODE, provides the blockchain-powered infrastructure that enables resilient, low-cost and green electricity production and builds a foundation for a decentralised urban energy marketplace.
More information: www.riddleandcode.com
Wien Energie is one of Austria’s largest utility providers, responsible for ensuring the reliable and eco-friendly supply of electricity, natural gas and heating to around two million people, 230,000 businesses and industrial facilities, and 4,500 farms in the Greater Vienna metropolitan area. Wien Energie is also involved in a number of projects at European level.
More information: www.wienenergie.at.
Photo by Nuno Marques on Unsplash