Energi Mine, a UK-based energy efficiency rewards blockchain platform, has entered the South Korean market in efforts to gather examples of how its blockchain business can be applied to the real world economy, the company said in a press conference in Seoul on Wednesday.

By incentivizing people with its digital token dubbed Energi Token when they contribute to reducing energy, such as by taking public transportation or purchasing energy efficient home appliances, the company said it aims to decentralize the $2 trillion global energy market.

Young and still small since its launch in January 2017, the company has posted $500,000 in profit last year. Its influence, however, has been more far-reaching, operating in some 1,100 regions across Europe. In February, Energi Mine raised $4 million in the 81 minutes of its public sale and reached its $15 million funding cap
 

Energi Mine’s goal in Korea is to boost token circulation through partnerships with large companies, universities and the government along with automobile manufacturers, according to Energi Mine CEO Omar Rahim.

“We are currently in talks with Hyundai Motor and Kia Motors, we’re aware of their business,” Rahim told The Korea Herald on the sideline of the press conference.

In order to change human behavior, Energi Token’s platform was built on combining the latest technology -- AI and blockchain -- and the traditional business model that motivates people with financial awards.

The Energi Token, or ETK, can be used to pay energy bills, charge electric vehicles, and be traded for commodity money.

“There is no incentive from anybody for companies to use less energy,” said the CEO during the press conference.

“Rather than lecturing companies, we decided to sell a model they can reduce cost and ultimately save the environment.”

By doing so, efficiency and transparency will be bolstered in the energy market.

According to market research firm Gartner, the global blockchain market is projected to be worth $10 billion in 2022.

Noting on the speed of Korea’s adoption of cryptocurrency and blockchain, Omar said, “Everyone is looking for real world examples in Korea of how we can use blockchain in the real world economy.”

Alongside Korea, it named Europe and Japan as markets Engeri Mine is focused on.

Although the company sees peer-to-peer trading as its ultimate market, it said it would require time as change in legislation is needed.

Energi Mine has signed partnerships with the UK’s state-run rail company Network Rail, the UK’s Energy Managers Association, Euro Garages that operates a chain of filling stations in Europe. 

By Kim Bo-gyung (lisakim425@heraldcorp.com)