From March 2020, credited to the bright minds of several Italian businessmen, energy bills in Italy could be paid through cryptocurrency.
There have been deliberations on the ability of application of crypto in the vast energy industry, which until now remained mere disquisitions.
There exist no company in the expansive energy sector that has implemented blockchain-powered payments.
Energy bills in Italy amount to 1200 euros annually
However, there is light at the end of the tunnel as some Italian investors could roll out crypto powered payments. Several startup companies initiated the idea to pay electricity bills in this liberal market that houses 37 million Italian users with expenses of 1200 euros annually.
The crypto payments concept was rolled out in Milan on 27th January in an event that was graced by top companies geared to the application of the payments in the energy economy using blockchain technology.
A great blockchain solution towards changing energy bills payments for users has to be achieved. Clients are not only allowed to enjoy subsidized pricing but also other advantages such as efficiency and anonymity powered by digital ledger technology.
Different exchanges to enable people in many regions
The energy bills in Italy would be paid with cryptocurrency. The digital coins to be deployed will be listed in different exchanges to enable people in many regions to pay their power and gas bills.
Digital ledgers experts laud the potential of disruptive technology in the energy industry. The exchange platforms will, later on, use blockchain technology provisions to ensure accountability from contractors and also significantly lower the costs of transactions.
Blockchain technology will solve many issues including payments of energy bills in Italy enabling customers to make safe choices in the years ahead.
The potential of this new development in the energy sector lies in the fact that blockchain or distributed ledger technologies can redefine digital trust and can remove intermediaries forming a new paradigm of management that can potentially disrupt traditional forms of governance.
Solutions promised by blockchain, such as P2P trading in local or consumer-centric marketplaces could potentially lead to cost savings for energy consumers.
Featured image credits: Pixabay