Australia’s Power Ledger Expands Blockchain Energy Trials

440

Share with:


Australian Blockchain Startup Power Ledger has just wound up one short-term trial in Perth and now will start on the second as the startup works towards delivering a proof of concept for the software solution both to prosumers and utilities.

Power Ledger is currently applying its Blockchain-based software in an attempt to open up peer-to-peer (P2P) energy trading behind the meter and across the network.

According to an article written by Jonathan Gifford  in ReNeweconomy  the regulatory hurdles in Australia might slow the rollout of genuine P2P electricity trading and it won’t be straightforward and building a track record for Blockchain applications in energy will take some time.

“I think that consumers want to become ‘prosumers’ and become citizen utilities and that this is a technology that will enable them to do that,” Jemma Green, co-founder and chair of Perth-based Power Ledger told ReNewEconomy. 

Green herself is a prominent West Australian cleantech evangelist and as a former banker, is familiar with the importance of an efficient and trusted trading platform.

Beyond Zero Emissions talks to Jemma Green


jemma

To trade electricity utilizing the Blockchain, communication hardware must be fitted to a standard digital electricity meter that will keep track of electricity being generated, imported or exported. This is then converted into Blockchain tokens, which are allocated to various accounts within the network – consumers, producers, and prosumers – as trading takes place between the parties.

The Blockchain tokens can then be monetized, either into a standard currency like Australian dollars, or Bitcoins themselves.

By deploying the Blockchain in this way, a “cross-referenced and time-specific database” of transactions is generated and stored in the cloud. This database cannot be altered, delivering the trust between the trading parties required to underpin the system.

The system tracks the electrons either fed into or taken off the grid through the principal that they will always seek the path of least resistance.

Power Ledger hopes to generate revenue through licensing its P2P electricity trading business model and its software by taking a small clip on the ticket for each kWh of production to be sold.

Power Ledger is not the only company doing Blockchain trials for peer to peer energy trading –  TransActive Grid, a joint venture between LO3 Energy and ConsenSys, is also pursuing the technology in Brooklyn NYC and Austria’s Grid Singularity is the major European developer applying the Blockchain to the energy space.

Read article in full here.

Further reading

About Richard Kastelein

Founder, Publisher and Editor in Chief of Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC, Richard Kastelein is also an advisor with a number Blockchain startups doing ICOs including DECENT.ch, Inchain, Humaniq, Chronobank, eGaas and others.

He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List. As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven etc, where he helped spread the cause for Blockchain technology and crypto-currency and, consequently, has built a notable network inthe scene.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

Visit Website
View All Articles
Chronoform

Get Blockchain News Where You Are!

Join our Linked in GroupLike our Facebook Page
Linkedin Group BlockchainLinkedin Facebook Group