SingleSource customer eloom revolutionising the energy industry with blockchain technology

Posted by Felix Scholz on 6/25/18 10:49 AM
Felix Scholz
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With concerns rising about the impact that blockchain data mining has on the environment, so too does the need to find a solution to create a more sustainable virtual world.

Enter eloom, a company revolutionising the use of green energy off-grid in order to fulfil increasing energy demands worldwide, beginning in Fuerteventura Described as "green hashpower", eloom generates energy by making the most of Fuerteventura's mostly sunny and windy environment with solar panels and wind farms. This replaces outdated power supplies, which then feeds back into the blockchain system.

eloom tree_v29

Unlike typical energy companies, eloom aims to decentralise the energy industry with an Initial Coin Offering (ICO) and operates on the values of being sustainable, transparent, and socially responsible. Their tokens are backed by infrastructure, and allow either long or short term investments.

With their ICO, funds are sometimes raised via (anonymous) crypto transactions. To prevent the risk of money laundering and illegal earnings, they need to know the source of the funds by law.To purchase Eloom tokens in the TGE / ICO, an applicant must enter into an investor agreement and meet the eligibility criteria which includes Know-your-customer (KYC) compliance as well as anti-money laundering and counter-terrorist financing (AML/CTF) laws and regulations. Eloom will enforce the entire KYC and AML/CTF procedures in partnership with SingleSource. The decentralised risk scoring platform has been used to screen investors for a number of recent high-profile TGE / ICO’s.

In addition to this, eloom had previously been manually adding a manageable amount of investors into their own data record. Considering the rate at which they expect to grow, this process won’t be efficient in the future when the amount of investors increases.

With the use of SingleSource, the interactions between investors and Eloom is simplified by reducing the need for the investor to go through complicated on-boarding and screening processes. More importantly, SingleSource provides a holistic risk view on investors through its enhanced KYC and crypto-AML solution. This helps Eloom maintain transparency over the source of funds invested in the TGE / ICO.

By partnering with SingleSource, eloom has the ability to grow and deliver sustainable energy to the blockchain world while easily managing compliance.

Stay tuned for more on eloom and the results they achieve with SingleSource. If you have more questions about the SingleSource product, please contact us here or download our free white paper here.

Download the full whitepaper here

Topics: Customer profiles, SingleSource use case

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