Lition is a scalable public-private blockchain infrastructure with deletable data features, made for commercial products with the goal to set the best blockchain standard for businesses. Lition enables blockchain-based applications to step out of their current niche into commercial mainstream deployment. Its blockchain development is co-innovated with SAP, whose Chief Innovation Officer Dr. Jürgen Müller is also Lition‘s advisor.
An Eminent Leadership
Dr. Richard Lohwasser, Founder of Lition, holds a Ph.D. in energy economics and is an internationally awarded IT specialist and blockchain expert. At 17 years, he developed and founded the startup Clanintern.de, a leading top 10 website at that time in Germany, with 1 million views per day.
After founding another tech startup in California and working for six years as a strategy consultant for McKinsey, he was appointed the youngest director in the history of Vattenfall – a US$10 billion European utility corporation.
Before founding Lition, Richard was the Managing Director of German operations at a leading independent international energy supplier ExtraEnergie, where he was responsible for managing 350 employees and generating over US$1 billion in sales.
Richard is now the CEO and Founder of Lition and the driving force behind the explosive growth of the company.
Setting New Standards for Blockchain Management
The company says that the commercial blockchain needs come in all shapes and sizes, and currently, the available platforms are inadequate to meet the stringent requirements of the business world.
Lition saw this first hand when the company began to develop its P2P energy trading platform. It states that every available solution had its drawbacks regarding speed, fees, security, scalability, or data privacy regulations.
The company was not satisfied with any of the existing blockchain solutions. So, Lition decided to build its own public-private blockchain infrastructure that allows consumer data to be deleted upon request.
The company’s mission is to move blockchain away from niche use cases and penetrate the mass market where it impacts peoples‘ everyday lives, just as they‘ve done with Lition Energy.
Driving Innovation Through Strategic Partnerships
For Lition, regulatory concerns have always been the leading organizational barrier to larger investment and increased adoption of blockchain technology.
The company’s layer, two public-private blockchain infrastructure allows for compliance with data privacy laws such as the GDPR and other similar legislation that is being fast-tracked around the world.
Lition believes that its strong strategic partnerships with organizations such as SAP, Salesforce, TomoChain, The Enterprise Ethereum Alliance, EMINENT Taskforce, INATBA, and Bundesblock, who share the same vision as Lition, is key to driving innovation in the tech sector.
Shaping the World with Solutions
Lition is a proud member of many prominent organizations that are doing incredible work to drive the blockchain industry forward. The company has collaborated with Bundesblock, a German association that focuses on education for decision-makers in politics and industry-leading corporations as well as the broader public. Lition has joined forces with Enterprise Ethereum Alliance and EMINENT Task Force to bring industry leaders together to pursue Ethereum-based enterprise technology best practices, open standards, and open-source reference architectures. The company has joined hands with the International Association for Trusted Blockchain Applications to promote adoption, collaboration, and wide-spread use of blockchain across multiple sectors.
Lition has also supported to shape Germany’s national blockchain strategy in September 2019.
Moving beyond Challenges
Lition observes that operating a blockchain business faces some challenges because of the gray zones in legislation. However, the company sees genuine interest from the government in laying a strong foundation for the technology to thrive throughout the country.
Despite some legislative uncertainty, the company opines that Germany, in general, is a very vibrant place when it comes to blockchain – especially Berlin.
Global Awards and Recognition
Lition launched the world‘s first P2P energy trading app that is commercially live in a mass-market with real revenues and real customers in over 1000 cities and towns across Germany.
The company has achieved several awards, including the 2020 German Excellence Award as Germany‘s number one platform for a startup. This was awarded by a jury of renowned representatives from business, media, and science and chaired by Brigitte Zypries, former German Federal Minister of Economics and Energy.
Lition was also named as one of the four blockchain finalists for the World Energy Council Awards, which seeks to award innovative business models for energy transition and climate protection, to which Lition is deeply committed to.
The Future Ahead
The company views itself as becoming one of the leading blockchain solutions for commercial use cases that legally handle private data. Lition believes that there‘s a substantial portion of companies to which this applies. And the company wants to help elevate blockchain into a “normal“ everyday technology that empowers businesses and people worldwide.