An Ethereum energy project “Lition” is a licensed energy supplier in Germany which has a range of clients in Berlin, Hamburg, Munich and 9 other major cities who now make use of the its decentralized energy market provided by Lition. The Lition uses the ethereum blockchain technology and its market connects consumers directly with energy producers either big or small.
According to the company, more than 700 households across Germany are said to be using the decentralized platform to purchase all their energy.
The Major aim of Lition is to change how the global energy works by bypassing unnecessary middlemen which is a similar concept like that of the blockchain enthusiasts and in the end, minimizing the amount spent on energy by its users.
When it comes to the issue of households, a supplier sells the electric or solar energy (or whatever type of energy they’ve produced) to an intermediary, which could be a multinational company. The Customers then buy their required energy from that intermediary.
According to Lition CEO Richard Lohwasser, one major problem being faced in the energy sector is that these multinational intermediaries have lot of influence and they deprive users enough choice in what type of energy they can buy.
That’s why, Lition’s solution is to cut them out completely. Richard Lohwasser said;
“Our energy exchange connects customers and producers directly. Producers put their energy on the exchange and then customers can buy it,” he added:
“Usually buying directly from producers is limited to energy suppliers that are big corporations. We’re bringing the exchange to the consumer, so consumers can pay for the energy they want.”
In order for Lition to pursue their own private-public blockchain, to be used for more than just energy use cases, Lition plans to launch its own ICO to get it off the ground later this year.