Evident Proof, a token-based service that turns data into immutable proof of evidence chains, is partnering with renewable energy platform Swytch. The duo plan to create a blockchain that captures energy production from generating equipment.
According to a press release Friday, the project aims to connect the blockchain to internet of things (IoT) devices and data aggregators, so that data can be fed into an Open Oracle to calculate token allocation. The data is then converted into tokens.
“The Evident Proof service can be used across markets to turn data into immutable proof and, through this partnership with Swytch, we will demonstrate how capturing energy production data can help drive sustainable and renewable energy use,” said Adrian Clarke, CEO of Evident Proof. “This is another example of how Evident Proof is building the technology behind blockchain businesses that will help them to disrupt the market they operate in.”
Swytch, which is starting a Token Generation Event on June 12, said its blockchain-based platform aims to help accelerate a transition to sustainable energy that has failed to take hold to date.
Swytch intends to verify and reward the production of sustainable and renewable energy on the blockchain, presenting a standardised incentive for producers and allow consumers to validate their own sustainable actions.
“We’re delighted to be working with Evident Proof and this partnership will enable us to perform the verification and reward processes for sustainable and renewable energy production that are so crucial for mass adoption,” said John Clippinger, co-founder and head of token innovation at Swytch. “Not only will this incentivize producers to generate renewable energy, but it gives consumers across the globe the verifiable information necessary to participate confidently in the emerging renewable energy market.”
As part of its ongoing development, Evident Proof will be holding a token sale in the second quarter of this year. In its Proof Chain, the company uses a public blockchain to ensure immutability and a private chain to increase speed and act as a secondary level of verification.
Data owners who store digital records on the Evident Proof platform can request immutable proof certificates that provide evidence of compliance or provenance, and which can be used for dispute resolution, as court-ready evidence, or as an anti-counterfeiting measure.
Evident Proof announced the launch of its Ethereum, token-based service that adds an immutable layer of provenance to data storage systems, earlier this year.
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