Blockchain Startup Swytch Teams With South Korean City Chuncheon To Accelerate Renewable Energy Consumption

Blockchain, Innovation, News | August 20, 2018 By:

Chuncheon, the capital of Gangwon Province in South Korea, has signed a deal with US-based blockchain clean energy startup Swytch to drive economic and environmental sustainability while reducing carbon emissions in the city.

Chuncheon, located in a basin formed by the Soyang River and Han River, is the market center for agricultural produce from the surrounding area. There are hydroelectric powerplants in the area around Chuncheon. The Soyang Dam is the largest sand gravel dam in East Asia.

Swytch is a blockchain platform that tracks, verifies and rewards those reducing the global carbon footprint. Leveraging its Open “Oracle” technology that acts as a distributed authority, Swytch awards tokens to people, companies, and other organizations that make a meaningful and measurable difference in reducing the emissions that endanger our planet.

The Chuncheon government and Swytch have signed an agreement to jointly pursue sustainable alternatives to traditional energy sources through the development and adoption of solar energy and the implementation of the Swytch network.

“There is no doubt that growing our renewable energy dependence is a positive action,” said Lee Jae-Soo, mayor of Chuncheon. “We are enthusiastic about this partnership that will decrease our carbon footprint and increase sustainable energy.”

Youngsook Park, vice president of business development of Swytch in South Korea, said the partnership aims to address energy shortages while incentivizing infrastructure development in a city that is ready to decrease its dependence on fossil fuels.

“Swytch enables renewable energy investments to shift to areas that will have the biggest impact on carbon reduction, creating a more fluid energy market,” Park said.

Evan Caron, co-founder and managing director of Swytch, said that they are looking forward to driving collaboration and innovation in Chuncheon.

“As the Swytch platform evolves and we continue improving our models for predicting and valuing the effectiveness of different energy assets and sustainability programs, this partnership in Korea will be invaluable to us,” said Caron.

The partnership came after the South Korean government announced its ‘growth through innovation’ investment plan for 2019, in which it has allocated a total of 5 trillion won ($4.4B USD) towards big data, blockchain, and sharing economy.