Bitcoin Newsroom Articles
Paul Ellis, company co-
The energy industry uses shared infrastructure for balancing, settlement and registration. Electron hopes to encourage the industry to shift these functions to shared blockchains.
In the area of registration services, a blockchain would serve as the place of record where energy providers go to get information on assets and record transactional changes.
Ellis said blockchains would allow these functions to operate without a third party intermediary. A blockchain also removes barriers to innovation that a central service provider would have to bring.
Electron would not monetize shared blockchain infrastructure directly, but would monetize via commercial services opportunities such platforms would provide. It would be possible to offer services for switching, registration or change of ownership of properties.
The services could also be extended to other utilities like water or telecoms.
Blockchain technology could also allow households to participate in peer-
Energy regulators could be given access to the blockchain to have real-
Also read: Blockchain presents a new model for transactive energy
Electron has to convince the energy industry to invest in blockchains as opposed to having a single provider operate a centralized database that all players integrate with.
Ellis thinks his best-
Electron has raised about £400,000 in pre-
Electron has built and released several tools that expand the connectivity of the Ethereum and Interplanetary FIle System decentralized web projects, the company noted on its website.