ConsenSys, the biggest blockchain software firm on the globe run by Joseph Lubin, the Ethereum co-founder, has successfully engaged in electricity distribution in the state of Texas.
The project uniquely utilizes the system of hardware gateway along with the blockchain innovations to be able to administer renewable power from sources like the Sun and wind to the clients all over the United States, using the platform of Ethereum.
According to Joseph Lubin, the co-founder of Ethereum, who has just increased the ConsenSys crew to 900 people, this event signifies a revolutionary milestone, as the Grid+ crew started distributing electricity to their first four clients.
Grid+’s equipment and software stacks are used for real-time electricity bill settlement processing, enabling clients to trade power automatically with the help of the Smart Agents solution.
For massive consumers, such as factories, which utilize a substantial amount of power every day, multiple payment processing is enabled to facilitate access to the renewable power source.