Blockchain the ‘future of energy’

The use of subsidized electricity for Bitcoin mining is becoming an increasing problem for Iran

Australian blockchain project Power Ledger says it’s “thrilled” after the Australian Energy Market Operator (AEMO) described blockchain as the “future of the energy industry.”

In an article posted on its website, AEMO spoke of how distributed ledger technology is heralding significant change.

“Peer-to-peer (P2P) trading in the energy industry, enabling grid-connected consumers to buy and sell electricity or solar energy without a retailer, is becoming more frequent in Australia,” the article said.

“There are start-ups appearing across the country with the aim of disrupting the traditional retailer-customer relationship by introducing a decentralised energy model that gives consumers control.”

AEMO went on to reveal that it’s designing a proof of concept blockchain platform that can be used by current industry participants.

“It has the potential to considerably reduce industry costs in several areas,” the article said.

Throughout 2018, Micky has reported on an Australian project Power Ledger, which is using blockchain to build an energy trading platform.

Power Ledger responded to AEMO’s article by tweeting: “We are thrilled to see the Australian Energy Market Operator engaging with blockchain technology in a proof of concept.”

Micky has contacted Power Ledger for comment on whether AEMO’s plan would complement or compete with what they are trying to achieve.

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