Siemens invests in energy trade on the blockchain

German technology conglomerate Siemens announced its intention to invest in LO3 Energy — an American startup that focuses on generating «smart grid» technology-the blockchain for local energy trade.

LO3 and Siemens have teamed up in late 2016 to build a local smart grid in Brooklyn. LO3 system allows you to buy and sell energy, for example obtained from solar panels on the roof – your neighbours or anyone who wants to buy it.

Users LO3 establish a high-resolution instrument that can measure electricity consumption at different times of the day. They also get an app that allows them to set buy orders and sell certain types of energy, such as solar power or wind power.

LO3 receives income from fee transactions, as well as wants to use all of the user data to attach to the local electricity grids to larger.

In addition, LO3 intends to use the blockchain and smart contracts second generation of Ethereum to automate transactions.

Chapter LO3 Lawrence Orsini stressed the importance of decentralization, which will help to avoid the manipulation of energy markets, which is practiced by large companies. As an example, he cites the Enron Corporation an American energy company that went bankrupt in 2001, after the detection of massive financial fraud. Orsini also said that the system LO3 will allow consumers to partially control over the energy market.

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