Two Australian Companies Signed a Deal to Develop Blockchain-based Solar Trading Platform
Today, blockchain technology is not used only in securing crypto payments but it has also entered into different real-life practical departments. The Australian-based blockchain tech energy company will develop a solar energy trading platform in cooperation with a local residential developer using the decentralized technology.
Blockchain Firm: Power Ledger
The blockchain company Power Ledger made a three-year deal with the Perth-based residential developer Nicheliving to roll out a solar trading site in Western Australia. The project per the deal will complete in three years, and in this time frame, ten new projects will also come on the screen.
Initially, the combined deal will provide a renewable energy source to 62 apartments in Inglewood using “an embedded electricity network and solar PV and storage microgrid.” These 62 apartments are included in the developer’s project SkyHomes Inglewood. Later, they will also offer 100% renewable solar electric power to 40 apartments in East Cannington.
The developer Nicheliving is the largest project holder in Western Australia to empower residents with cheap and environment-friendly energy source using the blockchain technology. Dr. Jemma Green, the Chairman and co-founder of Power Ledger, said,” Nicheliving is the largest medium density developer in Western Australia to deliver blockchain technology to manage energy delivery and trading.”
“New homeowners are always looking for ways of reducing the upfront cost of providing power infrastructure and Power Ledger’s platform is available to help pay back a solar investment faster, while reducing the carbon impact of energy,” Green added.
Residents can Sell Surplus Energy
The purpose behind the deal is that residents can sell additional energy to others thus creating a safe and secure place to distribute renewable energy power. The blockchain technology of the Power Ledger will manage the whole process of consumption, transactions, or assist in reducing price costs.
Ronnie Michel-Elhaj, the managing director at Nicheliving, said:
“As part of its Smart Cities initiative, Connected Communities, Nicheliving was seeking a way to provide new homeowners with more sustainable and affordable energy in their new home. Power Ledger’s technology enables homeowners to lower their daily energy costs and unlock a new revenue stream by monetizing excess solar energy and reducing their reliance on fossil-fuel sourced power.”
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