Companies save 30% on electricity costs through the Blockchain

Electrify is using AI and Blockchain to drastically reduce electricity costs

Taiwan News
Date: 2018/06/28
By: Scott Morgan, Taiwan News, Staff Writer

TAIPEI (Taiwan News) – Singapore’s Electrify is helping companies save big money

Solar panel installation. (Courtesy of Pixabay)

on their electricity bills through their online transaction platform that better links consumers to electricity provides through the Blockchain.

The transaction platform is more efficiently pairing consumers and producers of electricity and passing a 30 percent discount to consumers through “smart” contracts which are written on the Blockchain, taking lawyers and accountants out of the process.

Electrify works in the other direction too, allowing consumers to sell surplus electricity from domestic sources like solar panels to others.

Benson Wang, a tapas restaurant owner has saved SGD$900 (US$658) over the past three months since using the new service.    [FULL  STORY]

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