In short an application will be in service to trade electricity among the community members using block chain technology.
Here we define what is block-chain.
A blockchain is a digitized, decentralized, public ledger that record transactions between two parties efficiently and in a verifiable and permanent way.
A block is the ‘current’ part of a blockchain, which records some or all of the recent transactions. Once completed, a block goes into the blockchain as a permanent database. Each time a block gets completed, a new one is generated. There is a countless number of such blocks in the blockchain, connected to each other (like links in a chain) in proper linear, chronological order. Every block contains a hash of the previous block. The blockchain has complete information about different user addresses and their balances right from the genesis block to the most recently completed block.
Power Ledger in Australia has developed a world-leading blockchain energy application. P2P energy trading application that allows businesses, such as Utilities, to host trading on the Platform. Technology enables the sale of surplus renewable energy generated at residential and commercial developments (including multi- unit/multi-tenanted) connected to existing electricity distribution networks, or within micro-grids. Power Ledger puts the power to manage the energy economy into the hands of consumers, while maintaining the value of existing distribution networks.
Perth-based Power Ledger is decentralizing energy ecosystem through blockchain. It offers a peer to peer energy trading platform for its customers to sell their surplus solar power to others without any intermediary. This blockchain based system tracks the generation and consumption of solar energy by all participants and validates trade settlement based on pre-defined contract terms. Power Ledger platform allow users to login to the accounts and track the amounts of electricity consumed themselves or sold to others.
Imagine a future where your solarpanels on your roof can actually create an income stream for you.” And that’s exactly what Power Ledger is making a realit