Western Australians to use Blockchain-based Platform to Trade Solar Energy

People living in Fremantle, a port city in Western Australia will trial a pilot phase of a Blockchain-based platform which deals with solar energy. Right from the platform, households will be able to determine the price at which solar power is bought and sold. This makes Australia one of the first to adopt the Distributed Ledger Technology (DLT) in trading virtual energy.

Balancing the Demand and Supply of Energy

The new platform meets the needs of the government to balance the demand and supply for solar power. Therefore, a customer can determine how much power they want to buy and how much they’re willing to pay for it. They can also sell the energy that is generated from their rooftop system to other people. These transactions will be made directly from the Blockchain platform.
But first, the new system needs to be tested to determine its level of performance. Accordingly, Ben Wyatt, Minister for Finance, Energy and Aboriginal Affairs has revealed that 40 households have been selected. These are homes in Fremantle that will have to trade on the platform till June 2019.

Solar Trading Platform an Innovative Solution to Virtual Energy

Wyatt also said that this is an “innovative solution to virtual energy”. It may affect companies all over the world who are striving to create a balance between energy supply and demand. Furthermore, this is the first time that households are actively engaging in a trial that will help them to buy and sell solar energy.
Power Ledger, a renewable energy-focused crypto startup is the developer of the Blockchain platform to be used. About a month ago, the company made a deal with PowerNet, an American energy supplier.  Their partnership will lead to Power ledger’s Blockchain platform being used at PowerNet’s headquarters in Pennsylvania.

Blockchain’s Application in Trading Solar Energy

Here’s one more real-life application of Blockchain technology which will encourage its use. Narrowing down to homes will help the ordinary citizen to appreciate its capabilities. They will also see the potentials Blockchain has in innovating the society. It can be recalled that Australia recently launched a Blockchain centre in hopes that this will encourage startups in the region.
In November, we made a report of a renewable energy company, Fuergy who developed an Artificial Intelligence device that is based on Blockchain Technology. This application enables customers to manage their energy. They can either use energy in their homes or share it with their neighbours.

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