Note from the Publisher: Gosh, every day there is just more and more news about blockchain and its many applications. We’ve posted over 50 stories on blockchain since we launched in July, and today we learned of a new company exploring ways to help utilities utilize blockchain for financial transactions. The list of applications for blockchain just keeps growing, faster than electricity travels through wires!
“Bitcoin technology has been around for a while now but has always been kept a little ‘in the background’ and never really been promoted too much. However, those involved in the electricity industry have started to adopt the use of bitcoin and blockchain technologies as a replacement for slower systems that need humans to continuously input data. With the blockchain technology, companies are able to automatically record data and store the information for anyone to access. It is a much safer and cost efficient way to complete many administrative tasks and is one that is starting to save the electricity industry a lot of money.
Lawrence Orsini is the founder of New York-based company, LO3 Energy. They are a start-up blockchain developer and have already been approached by 26 different utilities to develop better ways for them to carry out their financial transactions. Blockchain is already being used in finance, insurance, and music businesses and many big names such as Barclays Plc and Wells Fargo are researching how they can best make use of the technology. “