The Swiss city of St. Gallen is now using blockchain technology to trade excess solar energy between residents, marking yet another technological push forward in the space by the nation.
Switzerland is quite encouraging of blockchain technology and cryptocurrency businesses. The Swiss equivalent of Amazon, Galaxus, allows user to pay for their purchases with Bitcoin, Ethereum, XRP, Binance Coin, and other tokens. The Swiss stock exchange, SIX, has also launched an exchange-traded product to track the XRP token.
The Swiss municipality of Zug is often called “crypto valley “ because the city is home to several startups and entrepreneurs in the blockchain and cryptocurrency space.
The idea of using blockchain technology in distributing energy is not new, with several projects in the space working on creating such systems.