Power Ledger, a blockchain-based platform that allows for the buying and selling of renewable energy, will trial its technology with Vicinity, an Australian retail asset management. The technology will enable Vicinity to use its solar energy and trade energy within the network or send it back to the national grid to be consumed by others.
According to the press release, the trial will begin at Castle Plaza in South Australia and will be the first center to integrate the energy blockchain technology as part of Vicinity’s $75 million solar program.
The blockchain technology will enable Vicinity to manage its energy use and distribution in real-time, switching between solar and national grid energy.
Vicinity said that the future of energy is about creating interconnected communities, including on-site generation, which is why peer-to-peer energy trading would also be considered as part of Vicinity’s mixed-use strategy, with a significant development pipeline of projects in planning.
A recent report from the Energy Web Foundation lists specific examples of how blockchain can help the country move to a decentralized, democratized, decarbonized and digitalized resilient energy system.
It notes that decarbonization through solar, decentralization of the grid and renewable energy certificate tracking are all possible with blockchain technology.