Ethereum Meets Energy Industry – Brooklyn’s LO3 Records World’s First Paid Energy Trade Using Blockchain Tech

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 from Coindesk is reporting that two Brooklyn residents have used Ethereum to record a transaction that let one sell energy directly to the other for the first time.

The neighbors accomplished the exchange thanks to LO3, a green energy startup working to merge the energy industry with Blockchain theory and technologies. 

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. They’re all squarely focused on distributing and decentralizing assets into communities, into people’s hands, the new economy of the future.”

TransActive Grid is a joint venture uniting LO3 Energy and Consensus Systems. Based on the open source, cryptographically secure decentralized application platform of Ethereum, TransActive Grid’s business logic layer delivers real-time metering of local energy generation and usage as well as other related data. This open energy platform is transparent, auditable, non-repudiable, peer-to-peer, and cryptographically secure. Friction in the market is reduced by allowing different classes of users to transact openly on the platform. The first demonstration project is a neighborhood installation in Brooklyn, New York.

Brooklyn Microgrid is currently developing a community microgrid in the Gowanus and Park Slope neighborhoods of Brooklyn, New York.  Community microgrids are a new approach for grid operations that achieve a sustainable, secure, and cost-effective energy system by providing long-term, locally generated power security prioritized for the community. Microgrids, have ability to separate from the larger electric grid during extreme weather events or other emergencies, providing the backbone for resilient, sustainable and more efficient energy production of the future.

The goals of the Brooklyn Microgrid projects:

  • Increase the amount of clean, renewable energy generated in the community by members of the community
  • Develop a connected network of distributed energy resources which will improve electrical grid resiliency and efficiency
  • Manage these distributed energy resources in times of power outages and emergencies to protect the community and local economy
  • Create financial incentives and business models that encourage community investment in their energy future, creating energy and jobs that boost the local economy

 

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) - Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, "The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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