A group of small and medium-size South Australian businesses plan to launch a first-of-its-kind power trading platform using blockchain technology in an attempt to save money and buy and sell local clean energy. Blockchain-based microgrid developer LO3 Energy, of New York, is working on the project with solar and electrical firm Yates Electrical Services, of Paringa, South Australia, a region known for its vineyards, almond and fruit orchards — and incredibly high electricity prices. The blockchain, perhaps best known as the technology behind the digital currencies Bitcoin and Etherium, is a decentralized ledger that enables and tracks all transactions across a peer-to-peer network. The technology uses encryption to ensure that transactions and data are secure, and provides verification and validation to users.
Business News 23rd March 2018 read more »