Blockchain + Sustainability
Emission of greenhouse gases has been increasing and governmental efforts to reward organizations for successful carbon offset have been largely disorganized and inefficient. Policies such as the usage of Renewable Energy Certificates (RECs) tend to only function effectively within borders because of a lack of global standards and are thus limited. They usually also overlook the efforts of smaller businesses, start-ups, households, and individuals.
Swytch is a platform that uses blockchain technology, smart sensors, and IoT devices to identify sustainability efforts (big or small) and reward them. As long as there is a measurable reduction of emissions, tokens will be awarded accordingly. Swytch aims to create the first global market for carbon, bypassing the complexity that arises from differing regulations based on location and empowering everyone to work towards sustainability. Furthermore, with data collected by Swytch’s tracking technology, governments will be able to create policies that are more relevant and effective at slowing down global warming.
Currently undergoing pilot tests in multiple countries, it is evident that Swytch has the potential to be a huge disruptor in the market of energy and sustainability. However, it will take a few years before smaller organizations can utilize Swytch effectively. Additionally, the complexity of this new technology may deter households and individuals from participating.
