Blockchain Platform Hopes To Stop Electricity Bills Surging Through Energy Marketplace

A new Blockchain platform is aiming to stamp out energy waste and misuse by designing a "Simple, sustainable and scalable system" which eliminates imbalances between supply and demand.

The company is creating a Blockchain-enabled marketplace which shares consumption data in real time, with its "Matchmaking platform" allowing buyers and sellers to trade energy securely based on their requirements.

Preventing surges in electricity pricesAccording to Bittwatt, its demand-response mechanisms ensure that existing energy resources are used to their full potential - exceeding the requirements of end users.

Purchasing surplus energy for later use is also impractical because costs soar and it is difficult to anticipate future demand with precision.

Because of "Bureaucratic" delays, people who are unhappy with these prices find it difficult to vote with their feet and move to another energy supplier as this process can take anywhere between two weeks and 90 days.

"Valid solutions to today's problems"Bittwatt believes that it has a competitive advantage over other proposed platforms for several reasons - including the fact that it already has a "Substantial" consumer base, its ecosystem has the potential to create jobs, third-party applications can be integrated into its platform, and no regulatory changes are needed before its ecosystem can be launched and embraced by the energy industry.

It has already formed relationships with several established companies including Macedonia-based Future Energy, Energy Market in Bulgaria and the Romanian supplier Eva Energy - all of which already achieve millions of dollars in turnover a year.

The token's value is also based on the total amount of energy being transacted on the Bittwatt platform, which could help to eliminate speculation from the market.

Mr Hagmann has worked in the energy industry for more than 20 years and serves as general manager.

Ms Stoicescu, who serves as CEO, is presently the general manager of a power supply company - focusing predominantly on serving business and domestic energy consumers.