Australia’s Vicinity Real Estate Company to Use Power Ledger Blockchain Solar Energy Solution
One of the major real estate companies in Australia, Vicinity, has recently announced that it would use the blockchain technology to create solutions for cheap energy using solar power. The company has made the announcement on a press release today.
Vicinity currently has more than $42 billion USD in real estate assets and has made a partnership with another Australian giant, Power Ledger. The company will help Vicinity to use its $75 million USD solar energy program, which will be implemented first in Castle Plaza, a mall in Adelaide, South Australia.
Power Ledger will deliver the system created in a partnership with Vicinity to manage this energy in real time all over Australia. Clients will be able to use their solar energy panels to get the energy and the blockchain to store it and use it.
Justin Mills, the Vicinity executive general manager, has affirmed that the blockchain technology can be a great solution to reduce energy costs and conserve the environment. According to him, this partnership will be very important as a way to unlock a more competitive future in which the energy prices will be lower and the energy will be considerably cleaner and greener than it is today.
By doing this, Mills believes that the whole community can beneficiate from the effort that is being made by the company.
The blockchain technology is being more widely used in the energy sector lately as more companies are focused on using it to improve the transparency of the process and to monitor energy consumption as well as to give cryptocurrency rewards for the people who produce renewable energy on their homes and want to have this as a source of income.
About Vicinity And Power Ledger
Vicinity is one of the main real estate companies in Australia. Power Ledger is an Australian renewable energy company that is focused on using the blockchain technology as a way to create P2P solutions.
The latter company is currently also engaged in creating P2P energy solutions for the following countries: Japan, Thailand and the United States.