Categories: Blockchain News

California Energy Commission Grants $9M For Renewables Project Using RSK Blockchain

An ambitious renewable energy project is underway in Los Angeles, with $9M of the $20M budget provided by the California Energy Commission. Blockchain will play…

advertisement

An ambitious renewable energy project is underway in Los Angeles, with $9M of the $20M budget provided by the California Energy Commission. Blockchain will play a critical role in the pilot, which will use RSK’s Bitcoin-powered smart contract network to record transactions and data pertaining to energy usage. Smart city startup EVShare, which uses the RSK chain, will oversee the implementation on the ground as part of a consortium that includes EnelX, Google, and Grid Alternatives.

Advertisement

The renewable energy scheme is focused on a disadvantaged neighborhood in LA, where a proof of concept will involve the creation of a local grid network for tracking and trading energy consumption. Householders can trade excess energy generated from rooftop solar panels, earning credits for reducing their carbon footprint. Electricity consumption will be recorded on-chain, together with data pertaining to networked devices such as electric cars and batteries.

1,000 Smart Cities Connected On-Chain

EVShare is on a mission to help 1,000 cities switch to a shared economy centered around renewables and low carbon consumption. If it achieves this lofty goal, it will be with the aid of RSK’s Bitcoin-anchored smart contract network, which is proving its suitability for hosting a diverse array of applications. RSK is increasingly being utilized by NGOs, either directly or via startups such as EVShare that are building on RSK.

Ethereum’s stunning growth has transformed defi into a $4 billion vertical, but this success has come at the expense of network congestion and high gas prices. For all practical purposes, Ethereum is currently unsuited to supporting enterprise applications, allowing more scalable smart contract networks to position themselves as viable alternatives. While only a pilot at this stage, the Los Angeles renewable energy project has some serious money behind it and several major enterprises onboard. Already two years in development, its second phase has just been approved, paving the way for the creation of a fully working smart energy grid.

Initially, 50 houses will be connected to the solar grid, creating a marketplace for trading surplus energy production, and facilitating vanpooling, using electric vehicles that are powered by batteries charged by solar energy. Beneath the hood, RSK’s blockchain will serve as the ledger on which electricity consumption, rides and services are recorded.

Advertisement

IOVlabs Keeps on Shipping

IOVlabs, the parent company of RSK, oversees a range of projects that include RIF and Taringa!, the Latin American social network it acquired last year. Thus far, IOVlabs has struck a balance between developing blockchain-based consumer applications and reaching out to governments and businesses to pitch more ambitious pilot projects. RSK remains its best known and most successful platform to date, and is the hub around which the rest of the IOVlabs ecosystem revolves. Initiatives such as the $20M renewable project now underway in Los Angeles provide a stage for RSK’s capabilities in delivering blockchain infrastructure that can support the transition to a smart economy powered by IoT devices, clean energy, and P2P trade.

To get the daily price analysis, Follow us on TradingView

Casper Brown

I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.

Recent Posts

ETH Supply in Smart Contracts Leads That on Exchanges With Huge Margin, Thanks to DeFi

On-chain data analytics provider Galssnode has come up with an interesting observation for ETH supply!…

1 day ago

DeFi Mania Continues to Catalyze DEX’s Volume

Decentralized exchanges [DEXs] has recorded phenomenal growth in 2020. And it is not the user…

2 days ago

CrossFi Solutions Can Overcome the DeFi Hype in Building a Sustainable Future for Decentralized Finance

Decentralized Finance (DeFi) is no-brainer the crypto ‘buzzword’ of 2020, this space has experienced tremendous…

2 days ago

Security Risks in DeFi (Decentralized Finance)

Decentralized finance has been the talk of the town for the last few months, seeing…

2 days ago

Bitcoin Trading Volume on Bakkt Peaks Again as September Expiration Approaches

Bakkt recently had witnessed a peak in the trading volume of physically-settled bitcoin futures on…

2 days ago

Bitcoin To 10x From These Levels Says Analyst, Predicts Other Giants to Follow MicroStrategy

Business Intelligence Firm MicroStrategy created a massive buzz by announcing BTC purchase worth $425 million.…

2 days ago