Blockchain P2P Energy Trading Is Being Adopted In Australia

A new Australian government-backed trial of blockchain P2P energy trading with solar technology found that this can be a technically feasible model for adoption. The trial of peer-to-peer solar trading using blockchain technology found that this tech is popular with users and it is also great for further adoption.

Running between December 2018 and January 2020, the trial was part of the RENeW Nexus Project which investigated the true potential of localized and two-sided energy markets as well as blockchain technology – in an attempt to improve the energy system.

Among the people supporting this project were the Australian Government and its Smart Cities initiative, along with several universities, Western Power and the Australian blockchain firm Power Ledger.

In the blockchain news, we can also see the results which were published on June 18. All of this indicated that the multi-prolonged approach pursued in the trial could increase localized energy autonomy from 30% to 68% – delivering a more cost-efficient network outcomes than the existing systems.

For those of you who don’t know, RENeW Nexus is forming part of the Western Australian state government research on how to shift away from a centralized large-scale energy generation system towards a hybrid one which would integrate distributed renewables as well as battery storage.

The South West Interconnected System has been significantly more advanced compared to other grid systems in the cryptonews. It has therefore been identified as one of the most promising ways to meet decarbonization goals.

Meanwhile, blockchain P2P energy pilots are essential for the Energy Transformation Strategy that Australia proposed, mostly targeting the key challenges involved in moving away from existing systems – such as managing grid stability and encouraging the use of distributed energy resources while keeping costs low.

The Power Ledger blockchain platform tracks energy consumption and allows users to sell their surplus solar energy to other residents. This is how in the future, it will be combined with a micro grid that uses a 670 kilowatt hours community battery in order to support inter-household trading.

Besides this, Power Ledger has been steadily developing its blockchain-enabled renewables trading platform as well as a series of associated tools through a lot of trials and commercial implementations, both in the domestic country as well as abroad.