Climate Changed
Tradition to Make Energy Unit ‘Obsolete’ With Blockchain
- Blockchain to let smaller companies buy power directly
- Australian businesses under pressure after power-price jump
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A unit of broker Cie Financiere Tradition SA is striking a deal it says could eventually make part of its existing business “obsolete” and cut the cost of purchasing electricity for factories.
Tradition’s Australian subsidiary is working on an accord that would reduce the time and effort needed to strike clean-energy agreements between industrial consumers and renewable power producers by using blockchain technology. If successful, the partnership with WePower UAB, a Lithuanian green energy-trading startup, could be repeated around the world, according to Tradition’s Asia unit.