First solar energy trading initiative based on blockchain works

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.
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