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Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets

Australian Neighborhood Selling Solar Energy with Blockchain Tech

Trevor Hill
by Trevor Hill
5 months ago
·
Posted in Bitcoin Breaking News Brief, Blockchain, News, News teaser, Trending
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In the National Lifestyle Villages in Busselton, Australia, a group of homes are experimenting with selling excess solar energy over the blockchain. The project aligns with the growing global trend of blockchain-powered renewable energy initiatives that aim to decentralize and democratize power usage.

Also read: Industry Report: Moscow Gets its First Bitcoin Exchange

Experimenting with Solar Power

The Australian-based start-up, Power Ledger, is conducting the experiment that will last for 8 weeks. With the help of another Australian-based start-up, Ledger Assets, the company will bePower-Ledger-logo-square-250x239 running a trial on Peer-to-peer energy markets that will allow 10 homes to figure out how much money they can actually earn by selling their excess solar power to other peers.

To get their plan off the ground Power Ledger will be leveraging Asset Ledger’s private blockchain, called EcoChain, which uses proof-of-stake rather than proof-of-work and significantly reduces energy costs.

Additionally, EcoChain also confirms transactions every minute, which is 10x faster than the Bitcoin blockchain.

Jemma Green, Research Fellow at Curtin University’s Sustainability Policy Institute and chairwoman of Power Ledger thinks their experiment will be providing a proof-of-concept for a highly valued commodity.

“When Tesla announced its Powerwall battery on April 30 last year, it had $800 million in ‘pre-orders’ in the first week, as prices come down we will see mainstream take-up, the research suggests. It’s clear people want control of their electricity and to commercialize it how they see fit.”

Currently, residents can sell their excess energy to Synergy, the local utility, for 7 cents per kilowatt, but must pay 26 cents per kilowatt when they take power from the grid. Green thinks that by enabling people to sell their solar power to their peers that they will be able to make somewhere in between that range.

Blockchain-Powered Solar Energy

It seems as if leveraging blockchain tech for P2P energy consumption is starting to become a trend as a similar experiment was also done in New York, between two Brooklyn neighbors.

However, while this isn’t the first experiment of its kind, it is more far reaching as Power Ledger is planning to begin a real-world solar power trading system that will involve 80 homes in the South West region.

According to Green,  such an expansive project will be the first of its kind.

What do you think of the blockchain based experiment? Let us know in the comments below!


Images courtesy of  sundropsolar.net, Power Ledger

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Trevor Hill

Trevor Hill

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Trevor is a writer at Bitcoinist. He is currently attending his first year at the University of Wisconsin-Fox Valley, with a selected major in Economics. Subscribes to the Austrian school of economics.

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