Saiterm, an Amsterdam-based heating technology firm, has announced the launch of Spring, a blockchain powered platform. The company aims to reduce electricity bills using the distributed ledger technology platform.

As per sources, the blockchain platform will utilize the company’s infrared heating technology to let consumers cutdown the consumption of energy and emission of carbon from industrial and domestic usages.

Salvatore Morale, founder and CEO of Saiterm, has said that the company will utilize its SAIEX Coin to fund the development of the heating device known as Spring. SAIEX Coin is built on Ethereum Blockchain. He has claimed that the device will effectively reduce the energy consumption.