New Partnership Aims to Bring Blockchain to the Energy Market
The United States of America’s power generation industry is getting a lot of corporate cooperation in a project for shaping and estimating a blockchain tool called EW Origin.
Earlier this week, the future collaboration between PJM-EIS and EWF was announced.
The purpose of this union is trying out the Energy Web Foundation’s open-source energy product in order to produce a manual by 2019 that lives up to all the requirements by PJM-EIS and its GATS/REC market.
The Energy Web Foundation group considers the beta project of the tool an inspection and assessment of the real use of blockchain and what it can offer to enhance the overall performance of The Generation Attribute Tracking System. They also described the tool as an open-source that’s created for consumers to both enrich and simplify the procurement of energy. They hope to do this through the availability of a transparent and decentralized tool that will add measured value to both the energy and carbon industries.
Owned by of PJM Interconnection, L.L.C., PJM-EIS is a subsidiary of Pennsylvania New Jersey Maryland Interconnection LLC; the latter operates in thirteen US states and the metro DC area and has complete control over their power grid.
The corporation's main goal is the regional GATS market of Pennsylvania New Jersey Maryland Interconnection LLC. Both firms said that the tool adds a dash of modernism to the consumer’s buying experience, lowers managerial charges, and opens doors to the market of renewable energy.
The head of PJM-EIS, Ken Schuyler expressed his excitement about delving into blockchain and the future collaboration with EWF. Schuyler believes that merging blockchain into their service will result in customer satisfaction and be living proof that their interest in the technology has been taken seriously.
The product, EW Origin will help its offspring applications with the mechanization, clearness, third-party elimination, collection, registration and a create a general cost saving journey to the consumer, the foundation said
In November 2019, the energy will run better when the project between the two giants begin.