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.

Morale added:

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