700 German Households To Be Powered With Ethereum’s New Energy Project

Nov 5, 2018 at 19:27 Update Date :Nov 15, 2018 at 12:36 UTC

Lition, a project of ethereum is now helping German citizens to find a cheaper source of energy.

Lition, which launched earlier this year, now a licensed supplier of energy in Germany which has customers in 12 major cities like Berlin, Munich, and Hamburg. The cities are using the decentralized energy market of Lition. The Lition market, which is built on the top of the ethereum market, is now connecting the customers directly with the small and big energy producers.

As per the numbers are given by Lition, more than 700 household s in Germany are using the decentralized energy source to buy their energy.

The motive of Lition is to change the way how global energy works with “bypassing unnecessary middlemen” – a concept which is very identical to the blockchain enthusiasts.

Supply of Energy

While delivering the energy to households, the supplier of the energy sells the products of energy (solar or electric energy) to an intermediary which is often a giant multinational company. The customers then buy energy from that medium.

As the per the CEO of Lition, Richard Lohwasser, the problem lies in these multinational intermediaries that have influence and also don’t allow to choose the type of energy as per their need.

The CEO said, “Our energy exchange connects customers and producers directly. Producers put their energy on the exchange and then customers can buy it,”

He further added that purchasing directly from producers is limited, as the intermediaries are the MNCs. However, Lition is planning to bring the exchange to the customers so that they can get the energy as per their choice.

Cutting out the Intermediaries

According to Lition, cutting out the middlemen will also cut down the cost; hence, this will save around 20% of customers’ utility bills and also help in increasing the revenue of the pant by 30%.

The user can make payment in Euros to Lition when he finds the energy of his choice. Later, an ethereum smart contract analyzes the payment and automatically transfers the energy of the customer.

The interested people can purchase the energy using Lition’s market; more details are on their website. They also have a price estimator based on the postal code of the user.

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