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Blockchain tech stirs up the energy trade market

Apr 21, 2017, 5:27 AM EDT
(Source: Quinn Comendant/flickr)
(Source: Quinn Comendant/flickr)

Blockchain technology, better known for powering the cryptocurrency Bitcoin, is radically changing the way renewable energy can be traded. Recently, a company called LO3 Energy developed a peer-to-peer transaction system called Brooklyn Microgrid, which lets participants buy and sell locally generated solar power while the transactions are automatically recorded and updated by electronic ledger technology Blockchain.

 LO3’s founder, Larry Orsini, says the technology provides a more efficient alternative to energy transmission over long distances and also addresses the challenge of power outages when demands exceed expectations, writes MIT Technology Review.

The Brooklyn Microgrid blockchain database is an immutable, secure, web-based bookkeeping system, which eliminates the need for a centralized intermediary and thus, brings down the costs and time involved in conventional power trade, notes Computer World.

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