First blockchain-based energy trading (Part 01)
A smart idea has been generated in 2016. It happened in Australia. This event is the creation of Power Ledger. This is the first blockchain-based energy trading platform. This innovation wasn't just a step forward for blockchain technology rather it was a giant leap for the energy sector. Power Ledger changed the way of buying and selling energy by implementing the transparent and decentralized system. The concept behind Power Ledger was simple yet ambitious. The founders were Dr. Jemma Green and Dave Martin.
They thought about a world where energy trading could happen directly between consumers. The system will bypass traditional energy companies. They believed that blockchain technology could provide the transparency and security needed to make this vision a reality. Blockchain has its well-known decentralized and immutable features. So that is the possible and perfect solution to streamline energy transactions and reduce reliance on centralized utilities.
Power Ledger was a system on the principle of peer-to-peer (P2P) energy trading. Traditional energy trading system needs middle companies. But here its a direct system. Imagine you have solar panels installed on your rooftop. These panels often generate more electricity than you can use. The excess electricity you generate is converted into digital tokens on the Power Ledger platform. Each token represents a certain amount of energy. These tokens can be sold to your neighbors or other users within the Power Ledger network.
Transactions are recorded on the blockchain. So the system is secured and transparent. The platform uses smart contracts to automate transactions. This means that when certain conditions are met (like a buyer agreeing to purchase energy at a specific price), the trade happens automatically. Buyers receive the energy they need. In this way, most of the time energy will be traded at a lower cost than it would from a traditional utility company. Sellers earn money for the excess energy they produce.
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VEIGO (Community Mod)
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