A decentralised energy platform developer has launched a new blockchain technology.
ImpactPPA says its SmartPPA software will disrupt existing energy finance structures and accelerate global renewable energy production.
The firm believes it will allow the rapid funding and deployment of clean power solutions, such as wind and solar, by using the blockchain to manage generation data and transactions.
It will use a new energy currency called the NRG token, which will be directly linked to the production of renewable power.
The firm expects it to give an opportunity for energy access to the estimated 16% of the global population that do not have a reliable source.
It adds it also has the benefit of reducing cost and improving efficiency by streamlining the decision making and approval process, significantly reducing the time it takes to get from the project funding stage to energy production.
Dan Bates, CEO of ImpactPPA, said: “Clean energy production has been stymied by the old, traditional system of energy finance and with the rise of the blockchain and decentralisation we can now take the control of energy projects out of the hands of an old bureaucratic system and empower individuals and communities.”