U.S.-Based LO3 Energy is working to democratize the energy industry by developing a blockchain-based platform that tracks energy from different sources across supply networks.
The initiative has attracted big players in the sector as multinational oil company Shell and Japanese business giant Sumitomo Corporation Group have invested an undisclosed sum into the blockchain startup.
He that LO3’s system will enable users to choose from different local energy resources and further allows them to select specific supplier using a mobile application.
What makes the platform particularly attractive is the fact that no additional infrastructure is needed to put into place as the power electricity passes through the power grid as normal and a private, permissioned blockchain tracks the details of the energy source and purchase agreement.
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