First P2P network for electricity trade based on blockchain set up

In the sea of old and new currencies and the application of blockchain technology news came up about the blockchain-based electricity trade between several sources. Australian Power Ledger partnered with Clean Energy Blockchain Network in order to start commercializing this idea, Startit writes.

As their first client, Northwestern University in Illinois announced that it will make possible to trade clean energy both on-campus and between campuses with no additional hardware, software or subscription fees, by using pre existing meters.

Taking this as a sign that the market is ready for P2P (peer-to-peer) blockchain trade implementation, TechCrunch writes that ever since Ethereum and smart contracts first appeared there was and idea for batteries and charging units to trade electricity based on P2P method.

The basic idea is that the users trade renewable energy among themselves (someone with a solar panel could technically sell their accumulated electricity to anyone in the network) and blockchain could provide them with the necessary trade transparency. In that case the production and consumption would be recorded on blockchain and it would contribute to electricity conservation, Startit reports

Clean Energy Blockchain Network

Power Ledger

Northwestern University

P2P

peer to peer

blockchain