Cryptocurrency and Blockchain to be Applied in the Italian Energy Industry – Coin Idol

Mar 08, 2020 at 11:34 // News

There has long been talk of the great potential of cryptocurrency, blockchain and distributed ledger technology (DLT) to be applied to the energy industry. But until now it was more than just educational disquisitions.

This is because no company had yet implemented this technology in the energy market, which between now and two years will see the end of the market protected with its full liberalization. But from March 2020 thanks to the enlightened mind of a handful of Italian entrepreneurs, it will be possible to pay the electricity and gas bills with tokens or cryptocurrencies, all in blockchain technology.

Some innovative startups have come up with the idea to solve power problems in this growing liberalized market, which covers about 37 million users in Italy for an average household spend of about 1200 euros per year. The idea was presented on Monday 27 January during a press conference in Milan, with the presence of the top companies and investors who immediately believed in the innovative idea of applying the sharing economy in blockchain to the energy sector.

An innovative solution for all users who want to change power operator has to be invented. In fact, customers should not only enjoy prices that are certainly competitive compared to the competition, but also have all the advantages in terms of efficiency, privacy and disintermediation that DLT offers. Also, the company and users will be in a position to use of a cryptocurrency and blockchain sharing economy platform.

The digital currency to be used will have to be listed in different cryptocurrency markets, with which it will be possible to pay the power bills. And it is precisely on the basis of experience that DLT experts believe before others in the potential of new technology in the market.

Later on, the platform will use all the benefits of revolutionary blockchain technology to ensure greater transparency with so-called smart contracts, greater efficiency and lower costs thanks to disintermediation.

A real revolution that could solve some of the problems created by the complete liberalization of the energy market planned in two years' time and which would give customers the opportunity to make a conscious, free and safe choice. The objectives are certainly ambitious but the premises that this new idea can play an important role in the market in the coming years are all there.

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Cryptocurrency and Blockchain to be Applied in the Italian Energy Industry - Coin Idol