Estimated reading time: 2 minutes, 34 seconds
Power Ledger is a blockchain-based peer-to-peer energy trading platform enabling consumers and businesses to sell their surplus solar power to their neighbors without a middleman or third party. They are looking to decentralize the energy distribution field, and are using blockchain technology and a cryptocurrency to complete this goal.
Power Ledger is being tested by various organizations around the world and has already provided several use cases. The implementation of Power Ledger could go a long way in increasing energy efficiency.
The Power Ledger system tracks the generation and consumption of all trading participants and settles energy trades on pre-determined terms and conditions in near real time. A user simply receives a registration email from their Application Host, they click on a link which takes them to the Power Ledger platform where they create a user ID and password. That’s it! Once logged in, they can see their electricity usage and all their peer-to-peer trading transaction details.
The platform is already developed and usable applications are already running on the blockchain. The most prevalent use is coming out of Australia, where they are receiving government contracts. There have been some competitors to Power Ledger that have popped up, but Power Ledger has the advantage of being one of the first in the space, created in May 2016.
Power Ledger has unveiled the first commercial deployment of its energy trading platform. With this deployment, the Australian startup will partner with Greenwood Solutions, a company that works with renewable energy projects.
Greenwood Solutions will install a number of solar panels in a apartments and units. In this way, residents will have a renewable energy source and will be hooked into Power Ledger’s platform.
Users are able to sell the excess of energy generated from solar panels to other residents that do not have access to renewable energy sources. In times of high or low consumption, users would be compensated for the energy with POWR cryptocurrency.
Power Ledger has been working on a wide range of deals to complete its commercial deployment. In January, Power Ledger has outlined a partnership in order to roll out its platform into the United States market.
Power Ledger’s token, POWR is an ERC-20 token on the Ethereum blockchain and will be integrated into Power Ledger as the primary interface token. It is fundamentally a protocol token that will not only provide access to the Ethereum-powered platform for users to purchase electricity with it (or through their local utility), but also act as a reward or incentive to electricity producers and consumers who settle their production and consumption through the Power Ledger platform.
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