|The shared economy is going solar with neighbors buying and selling renewable energy to each other in Brooklyn.|
|Written by Rhonda Johansson|
|The project, which began as an energy think tank in 2012, saw that blockchain technology was the ideal system to create these energy markets. In a nutshell, blockchain is a unique database program which breaks information into "blocks" making it harder for individuals to access or manipulate the data located inside it. The innovation essentially eliminates the middleman and improves the facilitation of digital relationships. Blockchain technology is already considered the system of choice for money transfers and digital currency exchanges. The medical industry and political markets are also considering transitioning a part of their processes to blockchain technology.|
LO3 felt that the secure manner of processing massive amounts of continually-changing data could be used to create an energy marketplace of sorts. It would work like this: New York residents who own or have established a smaller power grid from solar panels could sell a portion of the electricity they generate to interested buyers on a mobile app. The app, powered by blockchain, would act as the bidder. Scott Kessler, Director of Business Development of LO3 said that this would enable consumers to figure out what their "willingness to pay for energy" was. Potential buyers would then determine the best price or opt out for traditional energy sources, such as those supplied by ConEd. Another alternative would be to "play with the percentage and see how cheap[ly they could source] local green energy."
|Roger Ditman has signed up for the Brooklyn Microgrid and praised the initiative, commenting, "To me, it's the next step. It's taking advantage of something that is totally free. It helps the atmosphere, it helps the country, and it helps the community. What we're not using gets made available to our neighbors and to the larger community, as opposed to using energy that comes from Arizona."|