Bittwatt believes that the power industry needs to evolve quickly if soaring demands for energy, demanded by developing countries are going to be met safely.
Bittwatt is a matchmaking platform that can connect all markets and provide a standardized blockchain protocol for sharing relevant business information, all the while creating a decentralized service for energy supply, billing, and balancing.
The Platform streamlines current-day operations by removing operational costs and transfer fees, all this within an automated workflow that also optimizes energy transfers on an hourly basis. With its “matchmaking platform” allowing buyers and sellers to trade energy securely based on their requirements, Bittwatt’s ecosystem would also mean power plants can be called upon to increase output levels at times of high demand, and consumers with unused electricity would be able to sell it back during peak periods in order to reduce pressure on the grid.
The problem
According to their statistics, Bittwatt believes, power grids around the world are under pressure because production levels cannot be adjusted to reflect demand fast enough. And purchasing surplus energy for later use is also difficult as a result high costs and difficulty to anticipate future demand.
Bittwatt claims to have the solution with its demand-response mechanism that ensures existing energy resources are used to their full potential, exceeding the requirements of end users.
Why Bittwatt?
Bittwatt believes it has a competitive advantage over other proposed platforms for several reasons such as,
- a “substantial” consumer base.
- an ecosystem that has the potential to new create jobs.
- the ability for third-party applications to be integrated into its platform.
- regulatory changes not being needed before its ecosystem can be launched and embraced by the energy industry.
At present, it is working with several companies including Macedonia-based Future Energy, Energy Market in Bulgaria and the Romanian supplier Eva Energy. Bittwatt also has a partnership with Crypto One-Stop Solution (COSS) and is listed on their cryptocurrency exchange platform.
Bittwatt believes by June, the platform’s final smart contract protocol will be ready, with mobile apps for its smart consumers and operators by November. It also plans to release its B2C and B2B versions of the company’s marketplace by January 2019
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