Lition

Lition was established in 2017 by Dr. Richard Lohwasser and Dr. Kyung-Hun Ha, two professionals who departed senior roles in the corporate energy sector to address inefficiencies in the market. Both founders identified the potential for blockchain technology to innovate beyond the slow-moving, incumbent utility companies. Dr. Lohwasser, with a Ph.D. in energy economics and experience as a director at Vattenfall and managing director at ExtraEnergie, brought deep industry knowledge, while Dr. Ha shared a similar background at Vattenfall. Their collective experience informed the company's direction after they found their idea for a peer-to-peer (P2P) energy platform initially dismissed by traditional utilities.

The company began as a licensed energy supplier in Germany, launching a P2P energy trading platform. This platform enabled consumers to purchase green energy directly from producers, bypassing traditional intermediaries. For customers, this model was designed to lower monthly energy bills by an average of 20%, while producers could see increased profits of up to 30%. The service was made available to millions of households across numerous German cities, operating on a functional blockchain solution from its early days. Revenue was generated through this direct-to-consumer energy supply model.

Pivoting from its initial application, Lition expanded its focus to develop a broader blockchain infrastructure for enterprise use. This evolution led to the creation of a scalable public-private blockchain featuring a unique protocol for deletable data, designed to comply with privacy regulations like GDPR. The infrastructure was developed to support various commercial applications beyond energy, including use cases in finance. A key milestone was a pilot project with a German bank to transact a syndicated loan, showcasing the platform's capability for financial services. The technology was co-innovated with SAP, with SAP's Chief Innovation Officer serving as an advisor, positioning the protocol to be potentially integrated by SAP's large enterprise customer base. The business model for the blockchain protocol involved fees for transaction execution, staking for network consensus, and sidechain creation using its native token.

In October 2020, Lition's enterprise blockchain unit was acquired by TomoChain Pte. Ltd. (now Viction), a Singapore-based public blockchain developer. This acquisition aimed to merge Lition's enterprise-focused, private blockchain solutions with TomoChain's public blockchain infrastructure to create a more comprehensive offering for government and corporate clients.

Keywords: P2P energy trading, blockchain energy, enterprise blockchain, deletable data blockchain, green energy supplier, Richard Lohwasser, Kyung-Hun Ha, SAP co-innovation, GDPR compliance blockchain, decentralized applications, energy exchange, fintech blockchain, smart contracts, Viction acquisition, TomoChain, energy market disruption, blockchain infrastructure, sustainable energy, licensed energy provider, digital energy