Blockchain based Swytch partners Chuncheon of South Korea to axe carbon emissions
Blockchain has proven its potential in various aspects apart from getting widely implemented in the FinTech sector. The technology has now made its way to a humane cause, where it will be saving the planet by reducing carbon emissions from the face of the Earth. The exhilarating initiative has been undertaken by Swytch, a blockchain-based clean energy incentive. To attain its goal, the company has come arm-in-arm with Chuncheon, the capital of Gangwon Province in South Korea, to drive economic and environmental sustainability and to reduce carbon emissions in the city.
Swytch blockchain saving the day
Swytch is a blockchain-based platform that tracks and verifies the carbon impact of renewable energy generation and other sustainable actions. Swytch leverages smart meter and blockchain technology to reward the companies and people who reduce carbon emissions the most. At the core of the Swytch solution is an open-source "Oracle" that uses artificial intelligence and machine learning to determine how much carbon is being displaced and therefore how many Swytch tokens to award.The partnership
Under the partnership, the participating organizations have agreed to jointly pursue sustainable alternatives to traditional energy sources through the development and adoption of solar energy and the implementation of the Swytch network. Attendees of the meeting included Lee Jae-Soo, the mayor of Chuncheon, Brock Pierce, chairman of the Bitcoin Foundation and a representative from the United Nations Future Forum.
“This partnership aims to address energy shortages while incentivizing infrastructure development in a city that is ready to decrease its dependence on fossil fuels,” said Youngsook Park, vice president of business development of Swytch in South Korea. “Swytch enables renewable energy investments to shift to areas that will have the biggest impact on carbon reduction, creating a more fluid energy market.”
“There is no doubt that growing our renewable energy dependence is a positive action,” said Lee Jae-Soo, Mayor of Chuncheon. “We look forward to this partnership that will decrease our carbon footprint and increase sustainable energy.”
“As the Swytch platform evolves and we continue improving our models for predicting and valuing the effectiveness of different energy assets and sustainability programs, this partnership in Korea will be invaluable to us,” said Evan Caron, co-founder and managing director of Swytch. “We look forward to driving collaboration and innovation in Chuncheon.”
Several other cities in South Korea have already developed partnerships with Swytch and additional agreements in Asia, Europe and the Caribbean are under discussion.
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