With the emergence of the industrial sector in the last 100 years and its rapid development, the energy industry has grown tremendously. The demand for energy is steadily increasing. Yet the energy industry is faced with an array of obstacles it needs to overcome in order to match the pace of the exponential technological evolution.
LCG Energy aims to become the first electricity provider in the world to adopt blockchain technology in order to resolve the issue with information asymmetries between consumers and electricity providers and bring full transparency to the industry. By channeling all of the consumption data through Smart Meters developed by LCG Energy and with the help of blockchain, information about power consumption and the prices at which energy has been acquired will be made publicly available and will not be changeable by any entity - even by LCG Energy. People will no longer have to simply trust their electricity providers - they will have solid proof of the exact amount of energy they have consumed and will be protected against overpricing by the supplier.
Smart Meters with blockchain integration: Smart Meters are far superior to the traditional power meters that need to be checked manually at least once a year and do not have any way of transmitting the data collected by them digitally. Smart Meters allow consumers will have access to comprehensive data that is currently not supplied by traditional electricity providers, which will allow them to adopt efficient power consumption methodologies. With their integration to AI and machine learning algorithms, as well as blockchain technology, their functionality will be greatly improved.
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