Energi Mine is using the blockchain to encourage people to conserve energy while decentralizing a $2 trillion market.
The current electricity market encourages companies to sell as much power as possible for the highest price possible. Energi Mine counters this by offering ETK tokens that reward energy efficient behaviours like taking the bus or buying efficient appliances. Governments could award the tokens to transit riders. People can cash their tokens in or use them for free trips.
“The energy sector needs a bold, new solution, and the Energi Mine blockchain-platform is it,” Energi Mine CEO Omar Rahim said. “Existing energy incentive programs have been met with limited success because they do not reward good energy practices or increase competition among energy suppliers to drive down prices. Energi Mine does both.”
The decentralized nature of the platform allows excess energy to be sold to different customers at transparent rates.
Energi Mine has appointed Lord Rupert Redesdale to its advisory board. The member of the House of Lords is the CEO of the Energy Manager’s Association, Carbon Management Association, and Low Energy Company.