Residents in the Brooklyn neighborhoods of Park Slope, Gowanus, and Boerum Hill are buying and selling renewable energy through a blockchain technology-enabled transaction system. LO3 Energy operates the Brooklyn Microgrid, installing smart meters in participants’ homes that track the energy they produce and consume with LO3 technology. Software designed by Consensys and based on the Ethereum decentralized platform create “smart contracts” for energy producers and consumers, enabling payment in Bitcoin and other cryptocurrencies. Read more >>
BLOCKINTEL’S TAKE: LO3 in November 2016 established a partnership with Siemens and is beginning to talk to regulators around the world to lay the groundwork for further development of local peer-to-peer energy markets. The microgrid approach is small, but this and other blockchain-based implementations may add fuel to emerging distributed energy generation trends. Watch for changes to your net metering laws and keep an eye on the expanded market reach of blockchain software technology companies.
The Brooklyn Microgrid Promotes Blockchain Technology as a Community Builder