World embraces idea of blockchain-based energy trade

Mar 05, 2018, 6:29 AM EST
(Source: Arlington County/flickr)
(Source: Arlington County/flickr)

“Microgrid” in a neighborhood in New York’s Brooklyn is redefining how the energy is traded. The system, based on blockchain technology, lets households sell their surplus solar power to next-door neighbors by directing the unused power back into the grid, a model that’s gaining popularity in other parts of the U.S. as well as in Europe and Australia.

LO3 Energy, the startup behind the experiment, seeks to disrupt the traditional electricity markets while ensuring zero wastage of clean power, notes Seeker.

The model puts the control in the hands of consumers and local producers of energy, offering decentralized energy systems designed to respond to the community members’ needs and willingness to buy and sell, writes The New York Times.