South Australian businesses launch blockchain app to cut costs, trade local clean energy
In the countryside of South Australia, a electrical company is developing a localised blockchain energy trading platform for trading renewable energy generated in the community.
It is being driven by rising electricity prices, an ample supply of wind and solar power and a can-do spirit of innovation.
"The intention is to give power and choice back to the customer with what they do with renewable energy, whether it’s battery or solar," said Mark Yates, managing director of Yates Electrical. "The other option is to give them the opportunity to decide what power source they want to buy from."
The Blockchain technology is being supplied by LO3 Energy.
This will change the industry! Nice move!
Wonderful post thanks for sharing
Very interesting...
But the electronic currency market is increasingly unstable. This can have a dramatic effect on Blockchain technology.
True it is early days but for the trading of electricity the token used is a stable coin that is usually backed 1:1 with the national currency and therefore has a stable value.
Very interesting this project that @rynergy is developing. This will change the industry. The moose of electricity prices is leading the search for alternatives. It would be very nice that in my beloved Venezuela we had a project to get out of this disaster that we are going through every day, they take the electricity supply for 4 hours. and we are a disaster
That sounds difficult.
What do you think of the Petro currency that Venezuela have introduced?
Having lived in SA for nearly my entire life I can definitely say that this will be a VERY welcome thing for south Australian energy users as the prices there are some of if not the highest in the world! Hopefully this can drive down the energy costs for those not using renewables or can perhaps persuade them to switch!!! I look forward to seeing what this can do!!!
Yes it looks promising but I think we will only see the full potential once people invest in batteries. Then the model of peer to peer energy trading will be more viable.