Blockchain startup LO3 obtains blockchain energy patent to promote peer-to-peer energy transmission

LO3, a Brooklyn, New York-based blockchain startup, has been awarded a patent by the U.S. Patent and Trademark Office (USPTO) for using blockchain technology to facilitate peer-to-peer energy transfer.

LO3 is one of several startups seeking to use a blockchain system to redefine energy transmission networks, investigating the use of distributed networks as a way to improve inefficiencies and cut costs.

The patent’s inventor list includes L03 founder Lawrence Orsini and TRC Energy Services Project Manager Julianna Yun Wei. The application for the patent was submitted to the USPTO in November last year.

The patent was officially published on October 25 and aims to 'use computationally generated thermal energy'.

The patent details how blockchain could work, using blockchain technology (LO3 uses the Ethereum blockchain) to "confirm transactions between parties or with other devices on the network."

More information about the patent document:

“Distributed computing applications can be Turing complete, allowing them to be created and run on distributed computing networks without relying on individual nodes of the network. This provides autonomous and secure control of computing devices on the network.”

Earlier this year, LO3 and startup ConsenSys pioneered a blockchain project in New York, where local residents can sell their excess electricity through a blockchain prototype that uses the Ethereum (forked) network as a distributed mechanism to sell those units of electricity through smart contracts.

The startup is also working on a separate project, the Brooklyn Microgrid, which aims to help neighbors manage their energy loads more efficiently.