The UK’s biggest energy provider, Centrica, is trialing blockchain technology in a bid to offer cheaper, greener energy to its gas and electricity customers.
It is using Distributed Ledger Technology (DLT) will be used as a means to enhance Centrica’s Local Energy Market (LEM), which is designed to offer peer-to-peer trading between its energy consumers. The company, which owns British Gas, has partnered with blockchain startup LO3 Energy.
The New York-based company specializes in providing blockchain technology solutions to energy companies and the partnership will see a distributed ledger system rolled out to members of the LEM; a program that enables local businesses and consumers to buy and sell flexible energy production to the National Grid and to marketplace participants.
LO3 Energy specializes in the provision of data management and blockchain technologies to energy industry participants. Centrica will be using the company’s data platform, Exergy, and will be trialing a range of energy transactions including peer-to-peer trading. It uses blockchain technology to store and transfer details of transactions, and its accompanying app can be used by marketplace participants to buy and sell energy at the touch of a button.