The largest state in India announced that they will be starting a blockchain-based solar energy trading platform that will allow for peer-to-peer trading. Indian energy company UP Power Corporation Limited and UP New and Renewable Energy Development Agency has partnered with Power Ledger, an Australian based blockchain energy company, to launch the trial platform, according to a release.
The project is set to be initiated by March 2020, and will integrate Power Ledger’s blockchain-based platform with smart meter systems that will enable residents who have solar panels installed on their property to set prices, track energy trading, and settle all surplus transactions using smart contracts.
The first phase of this project will include a few government buildings located in Lucknow. Once the results have been evaluated, regulations will be formulated that will help to promote greater efficiency and success of P2P trading of solar energy within the state.
In a statement by ISGF Executive Director Reena Suri, the director, explained, “The pilot project will demonstrate the feasibility of energy trading through blockchain from rooftops with solar power to neighboring households and buildings. Power Ledger’s platform integrates with smart meter systems to enable households to set prices, track energy trading in real-time and enable the settlement of surplus solar transactions.”
One of the main challenges of using renewable energy sources is what to do with the surplus energy, especially when unpredictable weather elements are in play, such as the amount of wind or sun that is available. To help rectify the situation, it is hoped that this platform will make it so that surplus energy can be distributed to needed consumers to make renewable sources a lot more cost-effective.
Uttar Pradesh is a state that is in need of a more efficient method to meet the energy demands of the state of 200 million people. In 2017, it was reported that the total amount of photovoltaic power that was generated exceeded 12,500MW. This put a growing strain on the energy capacity of the state.
If the project in Uttar Pradesh is successful, South West Delhi in the Dwarka region would be the next to implement the platform. The ultimate goal is to create the “National Level Blockchain Framework,” according to the Ministry of Electronics and Information Technology.
The Genesis protocol upgrade on February 4, 2020 is a monumental step in the history of Bitcoin, and will see BSV returned as close as possible to the original protocol as envisioned by Satoshi Nakamoto. Visit the Genesis Hard Fork page to learn more.
To receive the latest CoinGeek.com news, special discounts on CoinGeek Conferences and other inside information direct to your inbox, please sign up for our mailing list.