Italian energy giant Enel launches solar panel tokenization project on the Algorand platform

ChainCatcher news, the Italian green energy company Enel Group has partnered with cryptocurrency wallet provider Conio to announce the launch of a solar panel tokenization product on the Algorand blockchain. This tokenization product will allow Italians to own a portion of Enel's solar power plants and use the generated electricity to offset their residential electricity consumption.

Enel will manage the solar panels on behalf of partial owners and adjust actual energy production to help reduce electricity bills. Algorand Foundation CEO Staci Warden stated that with tokenized real-world assets (RWA), the offset of electricity usage "is independent of the place of residence." The project provides residents with a new way to manage energy consumption.