Australia’s Power Ledger Expands Blockchain Energy Trials

1908
ADVERTISEMENTSToken Agency
Blockchain Expo London 2019
global
Blockchain Partners

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.

advertisementToken Agency

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

  • Co-founder and Chair of Perth start-up Power Ledger,
  • A managing director at a disruptive innovation consultancy: The Green Enterprise,
  • A research fellow and PhD candidate at Curtin University Sustainability Policy Institute (CUSP),
  • A City of Perth Councillor – and so experienced in the challenges of sustainable cities development,
  • She has over 15 years experience in finance and risk management including 11 years in investment banking in London.
  • For more detail see The Conversation

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 and publisher of industry publication Blockchain News (EST
2015), a partner at ICO services collective Token.Agency
($750m+ and 90+ ICOs and STOs), director of education company
Blockchain Partners
(Oracle Partner) and ICO event organiser
at leading industry event CryptoFinancing (Europe's first ICO event now
branded Tokenomicon)
– Vancouver native Richard Kastelein is an award-winning publisher,
innovation executive and entrepreneur. He sits on the advisory boards
of some two dozen Blockchain startups and has written over 1500
articles on Blockchain technology and startups at Blockchain News and
has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.  Irish Tech News put him in the top
10 Token Architects in Europe.

Kastelein has an Ad Honorem - Honorary Ph.D. and is Chair Professor of
Blockchain
at China's first Blockchain University in Nanchang
at the Jiangxi Ahead Institute of Software and Technology. In 2018 he
was invited to and attended University of Oxford's Saïd Business School
for Business Automation 4.0 programme. Chevalier (Knight) - Ordre des
Arts et des Technologies at Crypto Chain University and an Advisory
Board Member of International Decentralized Association Of
Cryptocurrency And Blockchain (IDABC) as well as Advisory Board Member
at U.S. Blockchain Association. Over a half a decade experience judging
and rewarding some 1000+ innovation projects as an EU expert for the
European Commission's SME Instrument programme as a startup assessor
and as a startup judge for the UK government's Innovate UK division.

Kastelein has spoken (keynotes & panels) on Blockchain
technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels,
Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki,
London (5x), Manchester, Minsk, Nairobi, Nanchang, San Mateo, San
Francisco, Santa Clara (2x), Shanghai, Singapore (3x), Tel
Aviv,  Utrecht, Venice,  Visakhapatnam, Zwolle and
Zurich.  His network is global and extensive.

He is a Canadian (Dutch/Irish/English/Métis) whose writing career has
ranged from the Canadian Native Press (Arctic) to the Caribbean
& Europe. He's written occasionally for Harvard Business
Review, Wired, Venturebeat, The Guardian and Virgin.com, and his work
and ideas have been translated into Dutch, Greek, Polish, German and
French. A journalist by trade, an entrepreneur and adventurer at heart,
Kastelein's professional career has ranged from political publishing to
TV technology, boatbuilding to judging startups, skippering yachts to
marketing and more as he's travelled for nearly 30 years as a Canadian
expatriate living around the world. In his 20s, he sailed around the
world on small yachts and wrote a series of travel articles called,
"The Hitchhiker's Guide to the Seas' travelling by hitching rides on
yachts (1989) in major travel and yachting publications. He currently
lives in Groningen, Netherlands where he's raising three teenage
daughters with his wife and sailing partner, Wieke Beenen.

Visit Website
View All Articles

Facebook Comments

advertisements
Token Agency
Blockchain Expo London 2019
global
Blockchain Partners
Token Agency
Sportsfix ICO
Tymlez

1 COMMENT

This site uses Akismet to reduce spam. Learn how your comment data is processed.