GX Blocks Energy: The first Greek Startup innovating in the Blockchain sector


Jul 13, 2021
GX Blocks Energy: The first Greek Startup innovating in the Blockchain sector

GX Blocks Energy powers the groundbreaking technology of blockchain with renewable energy to support the needs of the digital economy.

A simple search on the web regarding the most groundbreaking technologies of recent years will reveal the emerging technology of blockchain. It is a revolutionary technology that will change the status quo in countless sectors of the economy.

A simple definition of blockchain refers to the various information-filled blocks connected via cryptography mechanisms. In other words, Blockchain is a chain of data that is immutable and cannot be tampered with. In order to confirm and execute users’ transactions, significant computing power is required, as well as a large number of participants (nodes) to ensure the decentralization of the blockchain network.
Blockchain technology is increasingly used in numerous industries with various applications. For example, it can be used to protect against cross-border transactions, keep track of the supply chain, or ensure data confidentiality in medical records. Most commonly known, however, is its initial application in Bitcoin and other cryptocurrencies. Therefore, blockchain is a dynamic tool with endless applications and is considered innovative due to its secure, transparent, and trustworthy properties. The only ‘drawback’, though, is its extensive energy consumption. Specifically, due to the rapid growth in this sector, data centers supporting the blockchain network globally consume more energy than the annual energy consumption of countries like Greece (>110 TWh)!

GX Blocks Energy is the first Greek startup to solve the energy problem that the blockchain mining industry is currently facing!

The issue arises therefore with the extensive energy consumption and its impact on the environment. GX Blocks Energy tackles exactly that issue, and it is the first Greek startup to do so. For this reason, GX Blocks Energy created a new model of data center management, in combination with renewable energy sources and blockchain technology, with the goal to create an innovative digital platform where the user will be able to access blockchain services. This is executed by using green energy to power data centers that support the blockchain network. This way GX Blocks can protect the environment while operating at a lower cost.

A pioneering idea comes into life
GX Blocks Energy was officially founded in 2019. From early on, the founding team discovered the underlying technology of cryptocurrencies, known as blockchain, and realized its importance in the new decentralized economy. Thus, they decided to create a new business model that will focus on the emerging needs of the market for blockchain technology.

As the idea matured, GX Blocks Energy’ founders successfully participated in the MIT Enterprise Forum (MITEF) Greece Startup Competition 2019, which fueled them with the necessary technical knowledge and network of partners, leading to the official establishment of the company. This was just the beginning. After the competition, the GX Blocks team grew and brain gain became reality. Qualified professionals from diverse backgrounds have come together for GX Blocks Energy’s vision, becoming the co-creators and companions of this wonderful journey.

“We believe that we can create something innovative, centered around blockchain technology. Blockchain is so groundbreaking that it is capable of changing our lives”
— The GX Blocks Team

The GX Blocks team shares the common goal of contributing and inspiring people for a better, more independent future. GX Blocks Energy will create something innovative, centered around the groundbreaking technology of blockchain, which is capable of changing daily life as we know it.

GX Blocks Energy will launch various blockchain services and products, such as the Computer Power Lease Agreements of varying duration, which the client can currently use for bitcoin mining. By creating a smart FinTech profile, clients can choose the management strategy of services and products they prefer through smart contracts. This is achieved by combining smart financial contracts offered by R3 Corda Enterprise and the open protocol ILP for the safe execution and automation of transactions. GX Blocks’ smart contracts utilize renewable energy sources for digital assets mining, and as a result, the cost of production of one unit of Bitcoin is cheaper than purchasing it at exchanges.

Up until now, the company has been internally funded by its founders, as well as taken advantage of blockchain mining revenue streams. Despite obstacles frequently faced due to the lack of available resources and a clear legal framework, the team is confident about its success. GX Blocks believes not only in the capabilities of blockchain technology but also in Greek entrepreneurial capabilities.
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