Centrica plc has announced a new trial to explore how blockchain technology could revolutionise the way consumers buy and sell energy.
Blockchain technology provides a secure platform for consumers to buy and sell from each other, giving them greater control. Blockchain groups buy and sell transactions together into blocks that are securely linked so that the trade history is permanent and unalterable.
Delivered in partnership with energy blockchain pioneer LO3 Energy (LO3), the project will see the roll out of the technology in Cornwall as part of Centrica’s £19 million Local Energy Market (LEM) trial.
The LEM has been established by Centrica Business Solutions to test the role of distributed generation and storage in supporting local grid flexibility in the south west of England.
The blockchain trial will take this a step further, testing a range of energy transactions including multi-party peer to peer trading across 200 business and residential participants using LO3’s new Exergy platform.