Energy Executive Joins UK Blockchain Start-Up

Energy Executive Joins UK Blockchain Start-Up

A former boss at utility Npower has joined a blockchain start-up whose goal is to help British homes use smart meter technology.Paul Massara has l

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A former boss at utility Npower has joined a blockchain start-up whose goal is to help British homes use smart meter technology.

Paul Massara has left Npower, one of the UK`s big six energy suppliers, less than two weeks after the company warned of an unexpected drop in performance following the problems with their billing system, as the Guardian (theguardian.com) wrote earlier.

The persistent problems have reportedly contributed to 300,000 lost customers in the UK.

“At this time we need a chief executive who will focus on fixing the basic process improvements and has a track record of implementing operational process changes.”, said RWE boss Peter Terium, while speaking to the Guardian.

Massara commented before leaving: “The challenges that we have faced were tougher than we expected but we know what the problems are and are taking the right steps to fix them.”, as the Guardian and cryptocoinnews.com reported.

As for Electron, it is a start-up that explores blockchain technology to record data and smart meters. Found in November 2015, the firm aims to assist households in cutting energy use.

Electron plans to work in collaboration with outsourcing company Capita, and its subsidiary Data Communications Company, to improve the process of switching meters.

Massara is said to have departed Npower with the belief that “clear blockchain will disrupt many markets including the energy market”.

Electron built a demo platform which uses Ethereum`s blockchain. Their demonstration uses data from 60 energy providers and showed that energy supplier switches can be performed 20 times faster than current rates, as Tech Crunch (techcrunch.com) wrote.

“The energy market is built on technology that mostly is around 25 or 35 years out of date. It’s been built up over a period of time — it’s a hodgepodge of different systems. And it tends to be driven more by regulators than for example the financial services industry is.”, said co-founder Paul Ellis as quoted by Tech Crunch and cryptocoinnews.com.

Electron has raised 400, 000 euro in pre-seed funding from private investors.

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