Novel Blockchain Project Allows Users To Choose Their Renewable Energy Source!
Australian blockchain firm Power Ledger and French green energy retailer ekWateur are speculating that customer choice can assist drive the transformation to sustainable energy usage.
In a declaration on April 1, the two firms unveiled that they will be contributing approximately a quarter of a million French residents the possibility to customize their energy mix, utilizing blockchain technology to certify its source securely.
The new collaboration will include combining ekWakteur’s network of over 220,000 electricity meters over France to a new blockchain-based tool from Power Ledger, named Vision.
EkWakteur — a green energy retailer and aggregator which provides 100% renewable electricity produced from photovoltaic panels, wind turbines, and hydraulic plans — is reportedly the first company in France to render 100% renewable gas from biomethane.
Utilizing Power Ledger’s blockchain tool, households will be capable of selecting their preferred energy mix and tracking it in 30-minute intervals, depending on the Vision platform to confirm the origin and source of their chosen supply. Power Ledger’s executive chairman Dr. Jemma Green stated, “Whether consumers want to source energy from their neighbor’s solar rooftop panels or a wind farm in Bordeaux, our platform gives consumers a choice and control over their energy source.”
Both firms emphasize the role that expanding customer choice and flexibility can play in meeting the targets set at the Paris Climate Accords, which strive at a 40% decrease in greenhouse gas emissions by 2030. Each household requires to be allowed to make the switch to green energy, Dr. Green explained.
The technology is set to go live over ekWakteur’s network by the year’s end, with Dr. Green maintaining that the nationwide roll-out describes “a world-first in energy trading” by providing consumers extended control and security. It is also the company’s biggest project to date.
Blockchain for decentralized renewables trading
At the commencement of this year, researchers at Ireland’s Economic and Social Research Institute recommended that blockchain can offer the infrastructure to innovative renewable energy management. They provided tools that would assist the forward selling of renewable electricity generation and tokenized interaction among energy providers and customers.
Power Ledger has revealed a blockchain-enabled renewable energy trading platform and a range of associated tools that promote energy trading, renewable asset financing, and more effective carbon and renewable energy credit markets.
In September 2019, the firm started its first test of peer-to-peer energy trading technology in rural areas of Australia, created to assist commercial settlements and farms, enhance the effectiveness of their power grid and decrease associated costs. In November, Power Ledger realized the first commercial roll-out of its blockchain-powered energy trading application, which allows users to pool their excess solar and battery storage to a Virtual Power Plant for more comprehensive control and management across their consumption.