- BlockchainLab Drenthe has unveiled its own IOTA-powered crypto wallet EnergieKnip which allows local Dutch citizens to share their energy data anonymously.
- IOTA’s key features like decentralized storage of data, instant transactions, feeless transfer of token rewards, etc. made it an obvious choice for EnergieKnip.
Over the last few years, the IOTA Foundation has been actively working on real-life energy savings use cases. As a result, they have contributed to key players working on energy conservation projects while leveraging the power of distributed ledger technology (DLT).
In one such development, Netherland-based energy firm BlockchainLab Drenthe has showcased the real-world use case for more efficient ways of energy usage along with saving a few bucks on electricity use.
BlockchainLab Drenthe has unveiled its own IOTA-powered crypto wallet EnergieKnip which allows local Dutch citizens to share their energy data anonymously. Of course, EnergieKeep needs to comply with all data processing and security rules in order to ensure citizens’ privacy.
With the EnergieKnip wallet solution, the goal is to collect accurate and comprehensive data for energy consumption which will allow authorities to optimize energy consumption. Users of the EnergieKnip wallet would get token rewards for offering data about energy consumption in their homes.
BlockchainLab Drenthe has recently shared the real-life use case of the EnergieKnip wallet in the Dutch municipality of Emmen. The key thing about this project is that it offers privacy security to every single participating local while maintaining the anonymity of the identity of individuals sharing their data.
The Best Practices By EnergieKnip And Choosing IOTA
In order to ensure healthy participants in the project by Dutch citizens BlockchainLab Drenthe employs some of the best practices for the use of the EnergieKnip wallet. Let’s take a look at some of them.
- The data collection was totally anonymous. Thus, at no point, local authorities could attribute the data to a particular household.
- EnergieKnip explained to participants all steps of the set-up. Besides, it never asked for any identifiable information such as email address, name, home address, or phone number.
- The obtained data would lead to a direct benefit for consumers and the Dutch municipality of Emmen.
- Rewards system and other forms of incentivization to increase voluntary participation of the citizens.
- Citizens of the Dutch municipality of Emmen were offered an easy-to-use platform for data sharing and receiving rewards. There were no obscure technical terms, cumbersome user interfaces, and lengthy texts.
However, to deliver all these things, BlockchainLab Drenthe required a distributed ledger technology (DLT) that is robust enough to handle a good quantity of data without compromising on user privacy and security.
Some of the key reasons behind choosing the IOTA blockchain were its ability to store the collected data in a decentralized way, feeless transfers of token rewards from municipality to households, instant transactions, no delay in collecting data or sharing rewards, each household get a dedicated wallet for reward tokens, maintaining privacy while simultaneously identifying that the data comes from one household. Furthermore, the IOTA architecture makes fraud impossible and builds trust regarding the accuracy of data. Speaking on the development, BlockchainLab Drenthe noted:
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It would be hypocritical if we tried to improve the energy consumption of private households with an energy-draining DLT such as Bitcoin. Fortunately, we found a more ecological alternative with the IOTA Foundation and its DLT network. It was a perfect fit for our project.
The Project Success
So far, the EnergiKnip project has 50,000 wallets for each household. With 30,000 active wallets, EnergieKnip is the biggest government project in the Netherlands. The total amount of distributed rewards is worth approximately 300,000 euros.