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