- Central suppliers currently dominate the energy industry, maintenance costs are astronomical
- Decentralized renewable energy mechanism will improve grid reliability
On occasion of the 51st World Environment Day, the Klaytn Foundation signed a Memorandum of Understanding with Prometheus Space Power and Crypto Workers DAO for a project to cope with climate change and speed up the transition to renewable energy, Bankless Times learned from a press release.
The three organizations will leverage Klaytn’s blockchain technology to build decentralized digital asset finance solutions for renewable energy supply and generation.
Helping transform the energy industry
The partnership aims to help transform the energy industry, which major central suppliers currently dominate. The new scheme will see end users and small energy producers participate in and benefit from the process.
Improving grid efficiency and reliability
The Klaytn Foundation and its two partners anticipate the decentralized renewable energy business mechanism to improve efficiency and reliability of the energy grid by transcending the limitations in plant profitability and capacity.
Moreover, the mechanism is expected to reduce the excessive maintenance costs typically associated with producers of centralized energy.
The three organizations’ ESG project has the following components, among others:
· Developing a blockchain consensus layer in combination with distributed renewable energy infrastructure
· Developing technology for on-chain tokenization of renewable energy
· R&D on reliable data infrastructure technology to develop renewable energy
· Creating a renewable energy development framework via on-chain financialization
Dr. Sam Seo, Representative Director of Klaytn Foundation, commented:
This project will help Klaytn to diversify its digital asset portfolio through various ESG activities, including projects to tokenize the economic value of renewable energy produced around local communities or guilds in the future, while creating practical examples of how blockchain can be used to improve the quality of human life.
Jung Hyouk Zhang, Founder of Crypto Works DAO, added:
The energy development business is one of the largest job creators in underdeveloped countries. We expect this partnership to be an important opportunity to reduce employment issues in these countries.
