OVO is the largest energy supplying company which is based in the United Kingdom, and it has invested in the stocks of the Electron firm which is blockchain-based. It has made an investment through Kaluza which is a newly launched technology sector. The smart electricity grid development is accelerated by this investment.
Kaluza has been launched in order to develop solutions for software and hardware for the services of OVO. In 2015, the blockchain-based firm Electron was found which is in Landon and became reputed because of its cutting edge implementation of technologies that are integrated and emerging into the energy system, especially blockchain technology.
The ledger encrypted technology that is offered by Blockchain which will allow the services and goods to be traded peer-to-peer and the blockchain companies make use of this technology to experiment by letting neighboring countries to purchase and sell solar power, as well as their electric vehicle chargers, are rented.
Shared registering of assets is the key element of Electron’s operation whose main goals is identifying and monitoring every single asset that is generated on the UK’s network. The registered asset was expressed by Kaluza as ‘crucial’ because it supports its own development.
As per reports, OVO is seventh in the list of largest energy supplier in the United Kingdom. Since the time, about 20% of the stock was acquired by Mitsubishi, this latest investment made by OVO has been reported to be the first.
This was not the first time that the blockchain has been implemented in the energy sector; there have been various applications done in the past throughout the world. Bangchak Corporation Public Co. Limited (BCP), a petroleum refining firm in Thailand initiated the testing of an energy trading platform that was blockchain-based as well as the commercialized microgrid.
Testimony was given by the founder as well as chief executive, Stephen Fitzpatrick of OVO and Kaluza about the work done by Electron till date and stated that technology was built by them that is “fast becoming an important part of the energy system.”
In order to test virtual power plants (VPP) that makes use of blockchain Kyocera, solar power supplier of Japan and LO3 Energy partnered with each other. VPP was tested to see if there was an improvement in the energy distribution and the firms will be able to evaluate how feasible VPP is and which without using fuels gives rise to low-carbon.