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  • Sun, May 13, 2018 UK's largest energy supplier will use blockchain technology to enhance its energy market system


    Centrica, the UK's largest energy supplier, is trying to launch blockchain technology to provide its gas and power customers with cheaper, more environmentally friendly energy.

    The company will use distributed ledger technology as a means to enhance its local energy market (LEM) system, which aims to provide peer-to-peer trading for energy consumers. The company also owns British Gas, and is a blockchain start-up company, LO3. Energy cooperates.

    The startup specializes in providing blockchain technology solutions for energy companies. The partnership will enable distributed ledger systems to be used by LEM system members to enable local businesses and consumers to collaborate between the national grid and its market partners. Flexible purchase and sale of energy products.

    LO3 Energy provides blockchain data management technology to energy industry participants. This time Centrica will use the company's Exergy data platform and test a range of energy transactions, including peer-to-peer transactions, using blockchain technology. The details of the transaction are stored and transmitted, and the corresponding application is used to complete the purchase and sale of energy.

    The LEM system was launched in the city in February 2017. Over the past year, this British energy supply giant has signed nearly 200 cooperative enterprises, enabling companies to produce their own energy and sell excess power to the national grid or elsewhere. enterprise.

    Blockchain technology has a high degree of agreement with the system, which can further improve the processing speed of the LEM system and reduce costs.