Problem 1: Deadly Fossil Fuels produce 3/4 of the worlds electricity
The polluting, toxic, and often lethal fossil fuel market has over a 75% market share of the global energy market. Renewable Energy currently represents just under 25% of the world’s total energy production and forecasts indicate by 2040 that share will increase between 33–40%, this range is dependent on many factors. The latter number is achievable and in fact can be surpassed. To do so both existing and new green technologies must be efficient in their promotion, distribution and barriers removed for market adoption.
Problem 2: Utility companies have too much Market Power
New methods and technologies, (blockchain being one of those), should and need to be implemented to reduce dependency on utility companies who have too much market power and traditionally serve the role of an overpriced intermediary between electricity producers and end buyers.
Problem 3: Current Market is Fragmented, Under Serviced, & Ineffecient
There is no global market for electricity until now, it is very fragmented and consists of thousands of subsystems. While global energy demand continues to grow dramatically, huge differences remain between developed countries and the rest of the world.
Problem 4: Electricity prices are wildly inconsistent globally
There is huge variation in the price charged for electricity globally, for example the EU average price per KWh is more than twice that of North America, even though the cost of production remains similar in both areas.
To convincingly outmaneuver and outperform the fossil fuel market, and to also reduce the market power of utility companies and to also decrease market fragmentation of both pricing and supply, the global renewable energy market needs to have a highly organized central hub for the transacting of green energy supply.
This proposed global renewable energy marketplace “The Global Green Energy Blockchain Platform” is currently under development by renewable energy leader, WPP Energy GmbH, in conjunction with its development partner Techracers, an industry leading innovative blockchain solutions provider with over 200 engineers on staff.
The Global Green Energy Platform will be a complete solution to the beforementioned problems, facilitating the worldwide electronic trading of energy supply at wholesale prices from Green Energy Suppliers in a B2B, B2C and P2P focused Blockchain marketplace platform targeting buyers around the world who wish to purchase, trade or resell renewable energy supply and related products and services.
A blockchain platform managing the entire Trust/Reputation, Privacy, Identity, Record Keeping, Digital Assets (energy contracts), Financial Settlement, A Going Green Reward based rebate program under one roof.
“WPP Token” will serve as a featured payment method for energy transactions conducted through the Platform. Users will be required to use WPP Token for many transactions on the platform and incentive to use it in other cases versus other forms of payment. WPP Token will be obtained from the integrated WPP Exchange Platform by converting fiat or other cryptocurrencies into WPP Tokens. The combination of the Global Green Energy Platform and the use of Smart Contracts through WPP TOKENS as the featured payment method for Platform participates will accomplish a sharp reduction in energy prices for buyers using the platform and will capture market share from the harmful polluting fossil fuel Industry.
A distributed storage system of data feeds between the Global Green Energy Platform and participating Green Energy Producers to implement the provenance traceability of hydrocarbon emission and also to capture the data transmission on the type of energy available, the amount of energy available for purchase, the price of the energy, the location & distribution network of the energy (present and future), data metrics revealing how green the suppliers energy is.
The distributed storage of data will be particularly significant to suppliers who have a broad energy distribution network in place to attract as suppliers providing energy in multiple nations or who have multiple projects within a nation. End consumers will also be given tools on the platform to organize themselves to express aggregated demand to a green energy supplier who is interested in growing their energy distribution network into the community expressing interest. This will also facilitate the electricity producers to make current and future infrastructure and distribution decisions based on captured demand in the platform.
Buyers will be able to use data sorting tools provided to find green electricity supply data which is relevant to them. Use of a smart contract enabled WPP TOKEN as a featured method of payment will provide the ideal environment for the automatic processing, recording and tracking of a large number of transactions globally will help reduce operating/payment processing & record-keeping costs through automation.
The second phase of the product will involve an aggregator marketplace platform for all types green energy hardware and equipment which can be purchased by users of the platform and delivered throughout the world to the doorstep of a buyer.
The Global Green Energy Platform is being deployed in prototype MVP mode by year end 2018 and in a market ready version in Q1 2019