UK’s Centrica Brings Blockchain to Power Generation Sector By Cryptovest
British energy supplier Centrica (LON:CNA) Business has initiated a trial to explore how blockchain technology could be utilized to transform the way consumers buy and sell energy and unlock savings for homes and business power users.
“The proliferation of digital technologies is having a significant impact on the energy industry, allowing us to find new and better ways of delivering energy and services to our customers. This is an exciting opportunity for us to test blockchain technology beyond the theoretical and put it into practice, developing innovative new solutions that will empower consumers in the UK, North America and beyond to take control of how they engage with energy.”
The trial, which is a collaboration with energy blockchain venture LO3 Energy, will see Centrica deploy the technology in its Local Energy Market (LEM) program in a bid to explore disruptive approaches to the traditional industry model.
Centrica Business Solutions created the LEM to study the part played by distributed generation and storage in enhancing grid flexibility in south-west England.
“Exergy is designed to empower new prosumers while enabling traditional industry players to shift business models and find their place in the energy market of the future. Our partnership with Centrica and Direct Energy will trigger adoption for Exergy at a scale that will bring trustworthy disruption to the industry.”