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40 Households to Sell and Buy Solar Power on a Blockchain Platform in Australia

40 Households to Sell and Buy Solar Power on a Blockchain Platform in Australia

 

At least 40 families will participate in a trial based blockchain platform that has kicked off in Fremantle Australia and will be selling and buying solar power from each other. The solar project is from Power Ledger a renewable energy oriented crypto firm. A fixed residential utility tariffs coupled with a billing system have been put in place to facilitate the whole trading process. Through the latter participants can sell or buy their excess solar power.

According to Ben Wyatt Minister for Energy and Aboriginal Affairs in the Eastern Australian government the project will run until June next year. Program participants will enjoy choosing the prices they are willing to pay when selling or buying power. And to exercise the full potential of Power Ledger blockchain platform, all transactions will be made on the platform.

This trial is the first of its kind in the world that is trying to use innovative blockchain technology to balance energy supply and demand across the globe.” Honorable Ben Wyatt “Furthermore the 40 households are the first to actively take part in a peer to peer trading of solar energy to each other. To the government, this trial showcases its willingness to put Western Australia consumers at the forefront of developing innovative energy technology solutions.”

Power Ledger in the US

Besides having deployed its peer to peer blockchain trading platform in Australia Power Ledger also has a presence in the US through American PowerNet. Power Ledger has just closed a deal with the American PowerNet to have its blockchain trading platform up and running in the latter firm main offices in Pennsylvania. PowerNet is the biggest wholesale electricity supplier in the US and with its coverage Power Ledger solar power blockchain trading platform will be fully utilized. PowerNet also generates a lot of its power from rooftop and carport solar panels.

Besides making a name due to its innovative solar power blockchain trading platform, Power Ledger has also made headlines by winning the 2018 edition of Extreme Tech Challenge (XTC). XTC is a challenge organized by Sir Richard Branson, and the challenge aim is to arm techpreneurs with the essential tools they need. In addition to the tools Power Ledger also got financial aid from the challenge amounting to millions of dollars in the form of endorsements. The latter amount together AUD$34 million raised from its successful Power Ledger has its finances in order. The solar trading platform is part of RENeW Nexus Project which pulled various firms together to work towards the same goal.