Recently, WePower has tokenized a year’s worth of Estonian grid data through a pilot project making it to be the world’s first ever Blockchain firm application in energy sector on such a complex stand. WePower, in collaboration with Elering has become able to put all consumption and production data of the latter onto a blockchain network.

WePower figured out that an Ethereum based distributed ledger can keep a record of hourly data coming from 700,000 households easily by writing them into blocks. The estimation showed an achievable speed of writing 200 data points into a block within 15 seconds.

This means, with more than 6 trillion items, the raw data from Estonian would have taken 14 years and would have cost more than €210 million (USD $239 million) to write onto blockchain, WePower calculated. The company then uploaded the data and turned 26,000 aggregated production hours and 24 terawatt-hours of consumption data into 39 billion smart energy tokens.

Each token essentially represents one kilowatt-hour of tradable power contract. Just by linking the digital contracts with power grid data on the blockchain, tokens can be sold in the local enegy market. On the success of this pilot project WePower’s chief technology officer Kaspar Kaarlep said that the pilot project is the largest of its kind in the world and will further deepen their understanding of blockchain towards innovation in the energy industry.