Ethereum Used for ‘First’ Paid Energy Trade Using Blockchain Tech
Two Brooklyn residents used the Ethereum blockchain today to facilitate a transaction that let one sell energy directly to the other. The neighbors accomplished the exchange thanks to LO3, a green energy startup working to do to the energy industry what blockchain is already doing to banks. LO3 co-founder Lawrence Orsini said that the exchange is designed to demonstrate how everyday people can use blockchain to facilitate peer-to-peer exchange. Orsini told CoinDesk: “All the projects that we’re working on are squarely focused on the emerging distributed economy, peer to peer concepts.....
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A Brooklyn blockchain startup has been awarded a patent by the US Patent and Trademark Office (USPTO) for its work using the tech to facilitate peer-to-peer energy transfers. LO3 is one of several startups seeking to using a blockchain system to reimagine how energy transfer networks function, looking to distributed networks as a means to cut inefficiencies and costs. Founder Lawrence Orsini and TRC Energy Services project manager Julianna Yun Wei are listed as inventors. The application was originally submitted to the USPTO last November. The patent, published on 25th October, focuses on....
A group of people in Australia will trade their excess energy on solar panels using a blockchain to record the transactions. The local Australian startup PowerLedger is in charge of the project in a retirement village in Busselton, Western Australia. The startup explores yet another use case for a burgeoning blockchain technology that proponents argue will revolutionize everything. Residents on Australia’s west coast believe the blockchain cryptographically secure ledger, which records transactions made within a distributed system, could be combined with a power source that shines 300 days....
Before the Merge upgrade, in 2022, the energy consumption of Ethereum ranged between 46.31 terawatt hour (TWh) per year to 93.98 TWh per year. The Merge, which is considered one of the most significant blockchain upgrades on Ethereum (ETH) to date, brought down the network’s energy consumption by 99.9% immediately.On Sept. 15, the Ethereum blockchain migrated from proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism in an effort to transition into a green blockchain. What followed was an immediate and steep drop in total energy consumption of the Ethereum network.The Ethereum....
Major Spanish energy company Endesa has revealed plans to open a blockchain laboratory in an effort to encourage development of blockchain-based solutions for the energy industry. Endesa, the largest power utility in Spain, has joined the growing number of companies across various industries looking to leverage blockchain technology for industry-specific applications. The electricity provider, through its open collaborative platform Endesa Energy Challenges, has issued an open call for applications from any interested participant looking to develop distributed ledger solutions, to become a....
A new survey has found that the energy sector in Germany may soon be adopting the blockchain technology with many energy companies outlining a road map for the implementation of the technology in the future, according to the German news site, Contra Magazin. The survey, undertaken by Deutsche Energie-Agentur (German Energy Agency) and ESMT Berlin, looked at the responses from 70 executives serving firms in the energy sector. The results found that 39 percent indicated that their companies have plans in the future to implement the technology. While another 13 percent stated that they....