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European energy companies test Blockchain on the trading floor

Earlier this month, two European energy suppliers have tested a new blockchain-based trading platform.

26.Oct.17 7:55 AM
By Daria Zaytseva


European energy companies test Blockchain on the trading floor

According to statements of Italian company, Enel, which produce gas and electricity, and German company E.On, its conducted tests using technology developed by the IT firm Ponton.

Like other tests of this kind that have taken place in recent months, the energy firms have explored how peer-to-peer trading can promote direct sales of electricity. The idea is that the technology could help reduce the costs associated with the distribution of electricity by intermediaries and ensure greater transparency of the process.

In statements, representatives of the firms participating in the last test gave an optimistic tone about the prospects of the technology in the energy space.

As previously reported, the potential uses of the blockchain in the energy sector include peer-to-peer (P2P) trading networks, customer billing, and renewable energy certificates.

In addition, European energy giants are not the only companies that seeking to blockchain to facilitate decentralization.

Japanís Tokyo Electricity Power Company (TEPCO), is considering how to transfer the centralized nuclear power system of the country to a more decentralized model.

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