European Energy Businesses Test Blockchain Trading Marketplace

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ROME — This week, the energy companies E. ON and ENEL traded electricity for the first time via a new marketplace that uses blockchain technology.

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“The Enerchain initiative is a good example of open, cross-industry collaboration. We all believe in the enormous potential that Blockchain technology has for the new energy world and especially for our customers,” said Matthew Timms, Chief Digital Officer of E. ON.

The blockchain allows trading partners to conduct deals directly with each other in seconds, which usually require a central intermediary.

Through direct trading, which is exempted from such additional partners, the costs of electricity procurement will also be lowered.

A cost reduction that will benefit energy customers in the future.

Decentralized energy wholesale was tested in 2016 at the E. ON Future Lab.

Its basis is a peer-to-peer network developed by the energy IT specialist Ponton.

In May 2017, the partners founded the “Enerchain” initiative together with other European energy companies.

The aim of the now 33 companies that have joined together is to develop a decentralised European marketplace for energy trading.

Today’s first contract was a significant milestone on the way to achieving this goal.

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