You must have heard about Blockchain technology by now, and how it is often put into practice with the use of a crypto currency. One notable example is the Australian-based Power Ledger. As of today, with its $63 million market capitalization, it is ranked #90 worldwide in crypto currencies 1. Power Ledger is revolutionizing the energy industry, by means of decentralized energy-sharing. It believes that “empowering individuals and communities to co-create their energy future will underpin the development of a power system that is resilient, low-cost, zero-carbon and owned by the people of the world” 2.
Power Ledger enables energy producers – as small as local households with solar panels installed – to sell excess electricity to others in their region in cooperation with the power grid. It has implemented a peer-to-peer electricity marketplace, in which consumers are empowered to trade electricity with one another, hereby lowering the overall prices of energy, and facilitating transparent access to green energy.
The Power Ledger platform 2
If you are interested in how they leverage Blockchain technology, do read on:
The Power Ledger platform is designed to interface with any type of energy market, making it adaptable and scalable within any existing or future regulatory environment. As represented in the first depiction, the platform is facilitated by two different tokens, POWR and Sparkz, the latter being a fiat currency (having no intrinsic value), and runs on the Ethereum network (the second biggest crypto currency, after Bitcoin). POWR provide application hosts and customers access to and use of the platform, whereas Sparkz is issued against POWR tokens, via a Smart Bond, and used by the hosts to involve its customers. Consumers and prosumers (consumers producing electricity for their own needs) trade energy on the platform using the different currencies, which can in turn be redeemed for cash. The second depiction is an advancement of the concept, and represents the ultimate goal of Power Ledger: A direct peer-to-peer deregulated energy market, with near-zero intermediation. 2
The implications of Power Ledger are huge. More consumers are able to afford energy, and they can finally trust that it is from a green source (traceable in the Blockchain).
It is companies like these that are determining the future of the energy industry, and for me that means hope in a green, affordable future.
Sources:
(1) https://coinmarketcap.com/currencies/power-ledger/ (accessed 1-10-2018).
(2) Power Ledger white paper (accessed 1-10-2018 from https://www.powerledger.io/).
(3) Power Ledger official website (https://www.powerledger.io/, accessed 1-10-2018).
