Blockchain Technology Used For Green Energy
Power Ledger, a company in Australia is set to test a peer-to-peer renewable energy marketplace.
Blockchain is the public ledger technology underpinning Bitcoin, it has also spawned other innovations including a platform to reward creators of user-generated content called steemit. Power Ledger uses a greener form of Blockchain technology called Ecochain to allow those producing excess renewable energy to sell it directly to consumers.
Recently, we covered Transactivgrid, a US community electricity market enabling users to buy and sell energy from the grid. Power Ledger cuts out the middleman allowing customers to buy and sell electricity between themselves within the Blockchain Energy Marketplace. As a result, customers able to invest in producing renewable energy will earn more from their excess. Simultaneously, those without the infrastructure who are still keen to run on renewables, can access energy at a lower cost. Also, electricity producers are able to gift excess renewable energy to whomever they choose.
Power Ledger’s Co-founder, Jemma Green believes the increased possibility of earning through renewable energy will increase the take up of solar panels, explaining, “Presently, if you’ve got surplus solar electricity you sell it back for a low feed-in tariff and buy it back (from the grid) at a high rate. Using (Power Ledger), you can sell it to your neighbor at rate somewhere between the two.”
Very soon,Power Ledger will begin an 8-week test with 10 households at NLV’s Busselton Lifestyle Village, on the Western Power network.
Source | http://www.springwise.com/
Trendspotter | Murtaza Patel