Blockchain Energy Trading Pilot Using Bitcoin Sidechain Goes Live in LA

Published on by Cointele | Published on

Energy and transportation startup EVShare is launching a community energy-sharing pilot in Los Angeles.

The initiative, which received $20 million in partner funding and a $9 million grant from the California Energy Commission, is set to test the application of blockchain technology in managing a localized renewable energy grid.

The system relies on connecting local solar energy systems with electricity-based transportation to create an organic energy market.

A blockchain system based on the RSK Bitcoin sidechain and the RSK Infrastructure Framework, developed by its parent company IOVLabs, will power the sharing economy in this pilot.

The blockchain will record data on solar panels, energy storage, electric vehicles and charging infrastructure.

Participants will be rewarded with tokens when they conduct actions that reduce the carbon footprint, such as vanpooling, generating and using renewable energy and other unspecified actions.

"The Energy Coalition, which is the leader of the project, has been engaging the community to commit to the project for over two years already," he said.

RSK is a smart contract platform that uses a pegged version of Bitcoin as its native token and is merge-mined with the Bitcoin blockchain to derive security from its mining ecosystem.

Other blockchain systems have been used in energy pilots across the world.

The project spearheaded by EVShare is nevertheless among the first such pilots to be launched in the United States, and it has a stronger focus on energy usage through electric vehicles.