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Power Ledger Integrates Blockchain-Based Energy Auditing in Solar Power Asset

BlockClutch Team

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Australia-based blockchain energy company Power Ledger has bought a 250 kilowatt (kW) photovoltaic system which can use a blockchain-based information management and reimbursement system.

Per a press launch shared with Cointelegraph on Jan. 13, Power Ledger bought the machine by Perdaman Advanced Energy, an Australian company that offers clean energy consulting and job development. The new system will be found in Maddington and incorporate an Electricity Purchase Agreement (PPA) to create renewable energy trading more transparent.

Transformation of the energy economy

“The renewable energy the Maddington strength generates will be monitored using blockchain technologies to offer a verified audit trail for energy generatedenergy purchased from the grid, energy consumed and energy discharged to the grid,” the release further clarified. By minding blockchain, the business hopes to eliminate any possible mistakes in under- or over- accounting for earnings. 

Aside from the PPA, the centre will also utilize Power Ledger’s environmental characteristics product to automate the issuance of large scale production certificates and also to tokenize the certifications. The growth comes in Australia’s brand new strategy for its energy economy, wherein market customers are put to be rewarded for buying and promoting electricity in real time.

From the start of 2019, fresh energy contributing comprised over 21percent of Australia’s total electricity production, together with 38 renewable energy projects performed annually, based on data from Clean Energy Council. In 2018, South Australia alone gained greater than 50percent of its power from renewable resources.

Energy sector adopts blockchain

Electricity Ledger launched its very first trial of peer reviewed energy trading technologies in rural regions of Australia last September, intending to assist outlying industrial farms and settlements enhance the efficiency of the energy grid and decrease associated costs.

Important initiatives from the firm aim allowing such websites to market their excess solar power, while present tariffs offer no monetary compensation to people who feed fresh solar energy back into the grid.

Earlier in January, Researchers in Ireland’s Economic and Social Research Institute proposed that having a blockchain-based”ahead trading platform” can offer a better incentive for the wise direction of renewable energy intake. It had been stated:

“Claims on future power production could be directly exchanged between generators and customers through blockchain within an cyber-physical market […] electricity contracts for future delivery will be transacted on the blockchain. All these claims on future production may be embodied as nonfungible blockchain tokens with prospective electric power delivery because the underlying asset.”

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