Power Ledger Renewable Energy Blockchain to Provide Electricity to Australian Apartment Building
Power Ledger is revolutionizing the energy sector with its peer-to-peer renewable energy. Using its blockchain-based renewable energy, this platform is already powering an entire apartment in Australia according to reports released on 30th July, 2018.
This energy market place is based in Australia and has been operating since 2017. Its energy platform gives its clients access to multiple energy infrastructures that are controlled by varying regulations based on the clients’ needs and price point. The energy market is controlled by a dual-token ecosystem and two blockchain layers. Consumers and hosts use the POWR and Sparkz tokens for transactions within this ecosystem. It is also these tokens that provide the energy to the exchange markets.
After its launch, this project raised a record $34 million at its Initial Coin Offering (ICO), becoming the largest of its kind in Australian history. The platform has since grown and is providing energy to both residential and commercial clients. Power Ledger has since entered into an agreement with the Yolk Evermore Property Group aiming to provide energy to the development team based in Western Australia.
Power Ledger is also looking forward to working with Australian Renewable Energy Agency (ARENA) that is distributing solar panels and battery storage apparatus. This project is a sustainability program that seeks to encourage the continued use of renewable energy in Australia. ARENA was established back in 2012 as an independent agency of the Australian government.
This public-private collaboration seeks to create a path for the blockchain-based residential energy exchanges. 24 apartments within the Yolk Evermore residence will now be in a position to sell excess renewable power to other apartments using the Power Ledger technology, thus being able to save on their consumption and earn at the same time.
Power Ledger and Commercial Viability
Power Ledger has been using its peer-to-peer energy trading platform working with the Greenwood Solutions, an auditing and installation company to provide energy in the commercial sector. The two have been working together to link solar panels within apartments.
Being a platform that provides peer-to-peer exchange, it is paramount to understand that it is only possible with this technology to collect, gather and store renewable energy. It is for this reason that this platform is a prime candidate for possible partnership with a majority of hardware business focused on energy storage.
Following Australia’s push towards renewable energy, a lot of energy start-ups have been coming up to take up the available opportunities. Power Ledger though is open to every potential and willing startup to push this project forward. Just some months ago in may 2018, the platform partnered with the Northwestern University of Chicago to enable that institution use its power trading platform.
Power Ledger is focused on creating a lasting solution by providing a decentralized market place for trading renewable energy. People will know have access to low-cost electricity. If the project continues on its path and goes global, it could potentially change energy production and distribution, offering consumers with low cost electricity with a relatively low to no negative impact on the environment.