Blockchain to cut Electricity cost
Heating technology firm Saiterm is introducing a blockchain-powered platform to reduce electricity bills using its infrared heating technology. The Amsterdam-based company said its ultimate goal is to cut domestic energy consumption and carbon emissions using distributed ledger technology.
In a statement sent to Cryptovest, Saiterm founder and CEO Salvatore Morale said they would utilize the company’s SAIEX Coin which was built on the Ethereum Blockchain to finance the development of the heating device called “Spring,” which it claims is effective in cutting energy consumption domestically and in industrial use.
He added the SAIEX Coin is compatible with ERC20 standard and they plan on conducting continued development of their smart contract to guarantee a stable price at 1SAIEX at 1 USD so users will not be affected by the fluctuating Ethereum price.
He explained the Spring technology provides heating to homes and single homes using its home-grown infrared heating technology. Spring’s rays could transform every single watt of energy, therefore, giving warmth to people and objects directly unlike gas or electricity-powered heating system.
In addition, the infrared rays are capable of removing stuffy air by preventing mold formation and excess moisture. According to the press statement, infrared heat allows heat to spread more evenly and faster than electricity or gas while offering a cheaper alternative compared to traditional models.