Ethereum Energy Startup LO3 Awarded Patent for Blockchain Energy Transfer

Rage Review : Brooklyn-based blockchain startup LO3 has successfully obtained a patent for peer-to-peer energy transfer granted by the US Patent and Trademark Office. By using distributed network smart contracts, efficiency can be improved and costs can be reduced. More and more companies are scrambling to apply for blockchain patents because they see the potential of blockchain technology and can also promote the future development of blockchain.

Translation: Nicole

The United States Patent and Trademark Office (USPTO) has awarded a patent to Brooklyn-based blockchain startup LO3, which uses blockchain technology to facilitate peer-to-peer energy transfers.

LO3 is one of the startups using blockchain systems to reshape the way energy transmission networks operate, mainly using distributed networks to improve efficiency and reduce costs.

Founder Lawrence Orsini and TRC Energy Services Project Manager Julianna Yun Wei are the inventors on the project, which was originally submitted to the U.S. Patent and Trademark Office last November.

The patent, published on October 25, focuses on "using thermal energy generated by computing."

The patent details the purpose of blockchain, using LO3’s technology – to “confirm transactions between each other or other devices on the network.”

Lawrence Orsini

The patent also provides further detailed explanation:

“Distributed computing applications are Turing complete and can be created and operated on distributed computing networks that are independent of individual nodes on the network and provide autonomous and secure control over computing devices on the network.”

Earlier this year, LO3 partnered with startup ConsenSys to oversee a project in New York where local residents sold excess electricity through a blockchain prototype, using the Ethereum network as a distributed mechanism to sell electricity through smart contracts.

The startup is also involved in a separate initiative called Brooklyn Microgrid, which aims to help communities manage excess energy more efficiently.