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First solar energy trading initiative based on blockchain works

The research shows that peer-to-peer trading in the field of solar energy is technically feasible, according to a study by the RENeW Nexus project team.

First solar energy trading initiative based on blockchain works

Blockchain technology has been largely limited to finance and cryptocurrencies. The importance of the distributed ledger system in other areas of business is gradually coming to light.

According to the source, The first use of technology in the renewable energy sector has taken place in Australia. The RENeW Nexus project found that peer-to-peer solar energy trading is technically feasible after testing 48 households in Fremantle, Western Australia. The project is funded by the Australian government’s Smart Cities initiative and is based on Power Ledger’s blockchain technology. The curriculum is also part of Curtin University and Murdock University. Power Ledger is a software company that enables the exchange of energy and environmental goods using blockchain technology. For this project, the Power Ledger blockchain platform was used to allow consumers to trade in solar energy and set electricity prices on their own. It also set up a virtual power plant that functions as a cloud that stores excess solar units.

The project also included a 670kWh battery microgrid set up for service homes in the eastern village of Fremantle.

First solar energy trading initiative based on blockchain works

While the trial showed that solar energy trading made its participants worse off financially as the Australian local electricity provider charged a fixed rate, the blockchain-based trading platform showed several potential benefits.

One of the key benefits came from faster settlements. Consumers are waiting 60 days for their electricity bills and any feed-in tariff revenue. For blockchain technology, real-time transactions have been made.

Another benefit came from tokenized funds that were released on the basis of pre-specified conditions, such as optimizing the battery for the highest value activity without any manual handling requirements, reducing transaction friction, and providing a faster settlement process.

“Power Ledger has shown how peer-to-peer energy trading can improve the cost-effectiveness of the grid,” said Dr. Jemma Green, co-author of the Power Ledger report.

 

Also, read about Blockchain will allow salmon to be tracked from sea to dinner plate With a new blockchain

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