The software manufacturer RIDDLE & CODE and Wien Energie will tokenize generation plants via the blockchain-based MeiPower platform. The model is intended to decentralize supply and accelerate the energy transition.
Wien Energie, Austria’s largest regional energy supplier, has announced the launch of the blockchain-based platform MeiPower together with RIDDLE & CODE Energy Solutions. Consumers can use them to participate in the tokenization of supply systems in the future. With the tokens they can in turn pay the electricity bill.
Blockchain technology for the energy transition
Via MeiPower, customers can “participate in both energy consumption and energy generation”, according to the relevant publication Press release. They should benefit from the use of environmentally friendly energy. The blockchain-based platform enables the tokenization of photovoltaic systems (PV), and consumers can purchase shares in supply systems throughout Austria. In return, they receive tokens “based on the amount of energy produced by the PV system”, which they can use for various purposes, including paying their electricity bills.
The platform is intended to accelerate the energy transition and give consumers more control over their energy supply, explains Michael Strebl, CEO of Wien Energie:
Local energy communities and microgrids will play an increasingly important role in addressing the challenges of climate change and in moving to renewable, sustainable energy systems. However, the current market structure is insufficient to turn this vision into reality, as consumers are practically excluded from participating in energy generation and billing.
Projects like MeiPower provide the impetus to decentralize parts of the energy industry, which is controlled by a few corporations. Blockchain technology plays a key role in this. They have “the potential to turn consumers into prosumers [sic!] and to make active participants in the energy system ”, adds Michael Strebl.