Power ledger is establishing a blockchain based system that will enable electricity users to trade in renewable energy. The Australian-based cryptocurrency and clean energy company gives users within its network access to multiple renewable energy markets globally.
Users within the network intending to transact in the energy exchange market will have to purcharse Power ledger’s POWR tokens. The tokens are easily convertible to Sparkz tokens which are acceptable trading assets in the energy exchange market platform.
Power ledger has maintained that its main goal is to create a large network of renewable energy users globally that can buy and sell amongst themselves scalable, affordable and clean energy.
The company’s co-founders were united in their common vision to “incentivize electricity users to say connected in one grid.”
Power Ledger’s Pilot Program
The company is already doing trials for its technology with Vicinity, an Australian Retail Asset management company. Vicinity has a $75 million solar program at Castle Plaza, South Australia through which it looks to integrate the energy blockchain technology.
Through the blockchain technology, Power Ledger will enable Vicinity to “manage its energy use and distribute it in real-time.” Users within the Vicinity solar network are also expected to alternate between solar and the national grid effortlessly.
Users through their solar panels will harvest solar energy then use, store and distribute using power Ledger’s blockchain technology.
Commenting about their partnership with Ledger power, Vicinity’s Executive General, Justin Miller believes that the program is a step forward towards achieving affordable energy that is “considerably cleaner and greener.”
Uses of Blockchain Technology in the energy sector
The blockchain technology comes in handy in helping the energy sector create transparency and monitor energy consumption with ease. Through the technology, decision makers in the energy sector can reward individuals producing clean renewable energy with digital assets.
The blockchain technology is getting widely adopted in the energy sector according to a recent publication by the Energy Web Foundation (EWF). The publication brings examples of how blockchain technology could aid “decentralize, democratize, decarbonize and digitalize resilient energy system”