News Lition is The World’s First Operational Peer-to-Peer Energy Trading Platform
Bitcoinist | Jul 21, 2018 | 17:30
“Bringing power to the people,” is the motto of Berlin-based Lition, and the green energy blockchain trading platform is poised to do that globally. The project brings transparency and sustainability into the currently closed-off energy system and directly links clean energy producers to consumers on Lition’s blockchain application.
The company is already licensed as an energy supplier in Germany and has built up a growing client base in 11 German cities. Lition’s fully functional platform is already available to 41 million households in Germany. By bypassing unnecessary middlemen, Lition’s Energy Exchange saves customers an average of 20% on their utility bills while simultaneously increasing power plant revenue by up to 30%.
Meeting global energy needs today is complex and inefficient. The energy production sector is dominated by high-priced multinational players with excess profit ambitions, while the energy transmission and distribution process is filled with inefficient intermediaries. These factors add up to high prices for consumers, who can’t always be certain where their energy is sourced. The Lition platform deploys blockchain-based smart contracts along with smart-meter IoT technology to enable consumers to directly access energy services based on cost and mode of production as well as real-time consumption pricing.
Using Lition’s user-friendly interface, consumers gain complete control and full transparency over their energy supply and consumption patterns. With a few clicks, Lition customers can easily adjust settings to access lower prices and select preferred providers that align with their environmental priorities- all while enjoying a seamless, reliable and uninterrupted energy supply.
Lition’s cutting-edge blockchain technology simplifies the process of buying energy directly from green producers of any scale by employing transparent smart contracts that allow consumers to circumvent all of the complexity of energy distribution brokers. Consumers can also bypass stifling jurisdictional regulations and tariffs. It’s a technology that also skirts complicated technical and operational barriers to potential providers, thereby ultimately shifting power from large utility corporations into the hands of consumers and smaller renewable energy providers. This adds up to unprecedented consumer savings, all while ensuring that more money ends up with the clean energy producer.
Lition’s COO Dr. Kyung-Hun Ha says:
Our aim is to give power to the consumer in the energy sector and break the power companies’ monopoly by streamlining the energy market with our blockchain solution.
Lition’s CEO Dr. Richard Lohwasser goes on to explain:
I have been a strategist, researcher, and consultant in the energy sector for over 10 years. I’ve observed how large utility companies have raised prices despite high profit margins. Exercising their dominant position in a complex and non-transparent system, large utilities even use cheap green certificates to misleadingly market fossil fuels as green energy. At the end the consumer has no way of tracking exactly how their power is produced. Lition has proven that it can change this, starting in Germany as Europe’s largest market and ultimately expanding globally.
More information about Lition and registration for the company update newsletter are available at www.lition.io.
Images courtesy of Lition
