Blockchain Peer-To-Peer Energy Exchange Launches in the United Kingdom

The 3,000 households that are part of the P2P exchange are spread across the United Kingdom. Some are in London, Scotland, Manchester, Wales, Birmingham, and the southwest of England. 

According to Rebel Energy CEO, Dan Bates, the only way to accelerate the energy transition is to decentralize energy production, and UrbanChain is making this possible. 

People are becoming increasingly interested in knowing how their energy is produced in order to make informed decisions. Rebel Energy is collaborating with UrbanChain to ensure that the electricity supplied to customers can be traced back to the farm where it was generated.

UrbanChain CEO Somayeh Taheri refers to the project as a “first” due to the intermittent nature of renewable energy sources and the fact that green energy is pumped into the wholesale market before being sold back to consumers at significantly higher costs. 

According to Somayeh, the company started enrolling businesses and renewable energy generators in its P2P exchange five years ago to alleviate fuel poverty and fix a broken, inefficient energy market model. 

“While we remain the only British renewable energy exchange, we have now started bringing domestic households into the exchange so they can receive the same benefits our AI and blockchain-driven technology platform enables.” 

Every family should be able to benefit from the energy transition. Hence, the solution needs to be mass-scaleable to help the companies achieve their goal of ranking among the UK’s top energy suppliers. 

Traceability and energy trading are two of the primary applications of blockchains in the energy sector, with numerous projects being built all around the world.

If you would like to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, and Instagram.

“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”