British Energy Supplier Centrica would Trial Blockchain Technology
Centrica, a prominent British energy supplier said on Monday that it would trial the blockchain technology later this year in the local energy market.
The energy supplier told everyone that the trial would likely be the biggest blockchain project to ever be carried out in Britain by one of the top six British energy suppliers.
Centrica’s project would be testing a wide range of energy trading transactions such as a multi-party peer-to-peer trading between 200 businesses and residential participants.
The Blockchain technology is known to provide a secure platform where the consumers can directly buy and sell products from each other without having the need of having a middleman to facilitate the transaction. Middlemen are known to take a huge share which is something that people could do without using the Blockchain technology.
Several European utilities are exploring the Blockchain technology for the various ways in which the technology can revolutionize the energy sector.
The trial would be a part of the local energy market project by Centrica which is being executed in Cornwall, Southwest England. There are several technologies which are being tested such as domestic renewable power generation such as the solar roof panels, and storage devices.
Mark Hanafin, the Chief Executive Officer at Centrica Business, said:
“This is an exciting opportunity for us to test blockchain technology beyond the theoretical and put it into practice.”
Centrica would be working on the project with LO3 Energy, the US-based tech startup, which got an undisclosed amount of funding last year from the 100 million pound Innovations arm by Centrica.
The two are working together on a trial in Texas already. Their project in Texas is said to be the first micro-hedging market in the world for business customers.