British energy supplier Centrica will explore the blockchain technology to help consumers save energy in Cornwall, southwest England, Reuters reports.
The project will test a range of energy trading transactions including multi-party peer-to-peer trading between 200 businesses and residential participants, the company said.
“This is an exciting opportunity for us to test blockchain technology beyond the theoretical and put it into practice,” said Mark Hanafin, chief executive of Centrica Business.
The trial expected to be launched later this year will test several technologies such as storage devices and domestic renewable power generation including solar roof panels.
It is the company's first blockchain trial in the UK, but last month Centrica announced it was working with LO3 on a North American trial to produce the world's first micro-hedging market for business customers.
By Jade Olafson