Energy-related blockchain applications and platforms are beginning to work their way into commodities markets, where distributed ledger technology can streamline processes like tracking oil inventories or renewable energy certificates.
With such goals in mind, Evan Caron co-founded Swytch, a company that is using blockchain to help a major international financial institution track its energy use down to the kilowatt-hour level. The system captures all the data required for a REC.
There are over 10 REC tracking systems across the US in various ISO and carbon markets, but if the data is not standardized it is difficult for a REC created in one part of the grid to be transferred or sold as an offset in another grid, according to Swytch.
Caron believes his company has designed a solution to that problem and many others that can improve energy market functionality, which he discusses with Jared Anderson, senior writer covering North American power markets for S&P Global Platts.