Blockchain made big promises in 2018. The Bitcoin boom and crash at the beginning of the year catapulted both crypto and blockchain into the spotlight, where it has commanded much of the tech, finance and innovation conversations ever since.
Major media publications scrambled to dedicate entire news teams to covering crypto, the majority of Fortune 500 companies are reportedly incorporating blockchain into their business models and the U.S. Congress held hearings to try and understand the nature of crypto. If 2017 was the year Bitcoin grabbed the world’s attention, in 2018 it tried to understand the tech behind the phenomenon.
Countless startups have announced plans to disrupt almost every industry via blockchain solutions. Supply-chain, healthcare, agriculture, entertainment, journalism… The list is nearly endless. The dawn of a new day thanks to decentralization, security and digital trust.
Tomorrow! Tomorrow everything will change… And while initial coin offerings and projects have popped up left and right, very few blockchain based solutions have a live product on the market, and even less have garnered large user bases.
Berlin-based Energy Trading Startup Lition is the Exception
Currently, Lition serves households in 25 German cities, providing peer to peer (P2P) energy trading on the blockchain; saving money, fostering the growth and adoption of renewable energy sources.
Lition originally set out to connect consumers directly with green energy producers after observing the massive mark ups on renewables imposed by old guard energy companies who dominate the market and abuse their power. Lition, uses the blockchain technology predominantly to allow consumers to directly source their energy from the renewable producers they want to support.
At the same time, Lition is co-innovating with SAP to design the first private-public blockchain with deletable data features, that mitigates the current growing pains and limitations of the ethereum network – which currently powers Lition tech and will do until late 2019 when Lition’s new blockchain will be launched.
While discussing its tech with Forbes, Lition emphasized creating user friendly applications that cut to the chase, providing maximum utility without inundating the user with superfluous features that waste memory, space and the user’s time. The importance of designing interfaces that are efficient and productive in every aspect has been a key driver in Lition’s drive to develop its own blockchain.
Fixing Blockchain
Lition’s blockchain project began like many others, using the ethereum platform to construct the original energy trading system, however, the team quickly realized that the limitations of Ethereum, scalability and the lack of deletable chains, would not suffice to accomplish Lition’s blockchain dreams.
While countless startups have been waiting for Ethereum to release proof of stake protocols to solve Ethereum’s scalability and energy consumption issues, Lition’s developers set out to find their own solution, creating the Lition blockchain network, which uses viable proof of stake consensus mechanisms to create a fast and efficient blockchain network.
Lition has also incorporated private, deletable sidechains to their network that protect user information and allow for the blockchain to comply with government regulation (information laws require companies to delete user data after customers leave their network, an impossible feat on current blockchain networks).
Lition has taken the ingenious idea of the blockchain, and created a utilitarian solution to power their own project, as well as the next generation of cutting edge blockchain technologies.
A Sustainable Blockchain Future
Blockchain is here, and as the dust settles after the initial flurry of activity, 2019 will see the deployment of blockchain solutions off of white papers and into the world.
Lition will lead the way as one of the few companies with proven tech, a concrete vision and an established user base. Lition is not simply taking advantage of the blockchain fervor, but pushing the technology forward for a greener, more sustainable planet, today and tomorrow.
