Power Ledger (POWR) Tests Virtual Power Plants In Japan

 

 

Bitcoin Global News (BGN)

April 24, 2018 -- ADVFN Crypto NewsWire -- Electricity use is continuously growing, but often wasted through antiquated infrastructure. Blockchain and AI technology will help create a “smart grid” that acclimates to our habits and re-routes power to prevent overwhelming the system.

Power Ledger is a decentralized market place that will bring the purchase and sale of renewable energy directly to the consumers, but is not limited to this. As the platform grows it will be become an automated market mechanism for commercial and residential electric distribution with the transparent auditable nature of a public blockchain. In time technology like this will bring us the “smart grids” of the future.

Optimized purchasing and forecasting in combination with alternative energy sources, efficiency sensors and data collection can be synthesized to design novel customer incentives and collaboration potential.

Kansai Electric Power Co. is one of the leading utility companies in Japan. They have partnered with Power Ledger to run trials using this P2P energy exchange method. They have picked 10 communities where it will be implemented, and for the trial, one house in each to connect to the network.

Virtual Power Plants are basically decentralized power sourcing initiatives. Members of the network would each have solar, wind, water or some other source of renewable energy. The energy collected is used primarily at their residence, but access energy can be exchanged with the community using the POWR token.

“The energy industry is traditionally conservative, and rightly so. When they implement changes consumers are relying on them to be certain it’s the right decision.” - Co-Founder of Power Ledge, Dave Martin

Benefits are a decreased reliance on the existing power grid, and improvements to its efficiency. More accurate data is collected, in near real-time, providing the best feedback for true energy use. This will help create preventative measures for faults, outages and an accurate estimate for how much consumers could profit from re-selling their renewable energy.

If networks like these gain popularity, incentives will likely grow for installing renewable energy equipment, ultimately reducing the use of fossil fuels, and fueling business to companies that produce solar panels and wind or water energy systems.

 

 

By: BGN Editorial Staff



 

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