What is Power Ledger Cryptocurrency? Taking A Detailed Look At The Australian Blockchain Phenomenon – Power Ledger
The blockchain-based Power Ledger platform wishes to revolutionize the worldwide rcnergy industry by providing local areas with the ability of selling and distributing excess solar power to neighbours without have to seek help of middlemen. A report published by Deutsche Bank in 2015 revealed that thirty countries around the globe have already reached grid parity wherein the price of solar electricity is either equal to or less than the cost of local retail electricity.
Power Ledger strives to offer an excellent energy solution by combining innovations of blockchain development and solar power which can pave the way for a much more sustainable solution compared to the traditional alternatives.
Energy Digitisation For Staying On Blockchain
A software solution is used by Power Ledger for measuring the quantum of electricity generated or consumed. A unit termed as ‘Sparkz’ aids in movement of the energy from one person to another.
Dr. Jemma Green, Co-founder of Power Ledger said in an interview to a publication that:-
“Basically, Power Ledger has a software solution and it connects to smart metres. It reads the outputs of the metres in terms of electricity that is being consumed or generated and it records that on the blockchain. As somebody purchases or consumes electricity that is also recorded on the blockchain and those two pieces of information from the transaction for which Sparkz are transferred — so it happens synchronously. The actual recording of the electricity is the movement of Sparkz from the buyer’s wallet to the seller’s wallet.”
Thus, the time at which the buyer receives payment for electricity coincides with the time when the seller gets compensated for the energy. This is initiated by the transfer of Sparkz between both the parties through blockchain. Seller can convert Sparkz to Australian dollars on receiving the same in their digital wallet.
“So normally what happens is, you do a transaction and the payment happens afterwards and in electricity markets … every 60 days you might get a bill and then in the wholesale market it could be 60-80 days, so this means that you get paid for the value that you provide instantly.” – says Green
Power Ledger Additional Resources Lists
The blockchain-based marketplace provided by Power Ledger holds the potential of changing the world in a true sense. It is providing local communities with the ability of selling their excess solar power thus paving the way for an energy distribution and tracking platform through which customers can purchase sustainable and carbonless energy at prices lower than what is offered by traditional electric companies. Power Ledger has already established strategic partnership with powerful associates and wishes to expand its operations in three continents globally. The project holds the ability of disrupting multiple energy markets in days to come coupled with its planned release of multiple applications.
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