The company was Power Ledger, co-founded by Martin. The tiny Australian startup was at the forefront of a trend in solar energy: using blockchain technology in solar energy trading. Power Ledger had pitched an app: If you have solar energy panels, you can download the app and enter a marketplace for selling excess energy directly to your neighbors. Blockchain Expert India The kicker? You can set the price, instead of being ripped off by stingy power companies.
Blockchain was Power Ledger’s answer to keep people using green energy. It could be the future of distributed renewable energy, putting that power in the hands of the consumers.
All I understood was ‘more money’
Not a blockchain expert? Don’t worry. Blockchain Expert India Cojocar says she “didn’t fully understand it” at first either.
To track the energy your solar panels produce, Power Ledger installs software that usesinto your power meter. The blockchain is a technology that basically involves a ledger housed in more than one public computer. If one computer is corrupted, others have the original record.
The blockchain also keeps your power company accountable. Before you can trade energy with your neighbor, you need to buy “Sparkz,” a digital currency, from your power company, sold at a flat rate of 1 cent each. Blockchain Expert India The Sparkz sit in your digital wallet and can be converted to Australian dollars whenever you want. By preselling energy, the companies can pay the operator who maintains the grid.