Australian firm Vicinity has revealed it will trial a blockchain-powered energy management solution for its energy network. The blockchain technology will be trialled in partnership with Australian energy tech company Power Ledger, under Vicinity’s $75 million solar energy program.
The blockchain-powered solution will enable Vicinity to manage its energy use and distribution in real-time, switching between solar and national grid energy. The trial is about to start in Castle Plaza – the company’s mall located in Adelaide, South Australia.
The new blockchain platform will allow Vicinity to manage energy distribution in real time, deciding whether to keep using solar panels or switch to the national power grid. In the case of a positive outcome Vicinity’s shopping malls will be able to share energy with nearby communities that are connected to its power network. In addition, blockchain solutions might help conserve the environment and reduce energy costs.
“We see our partnership with Power Ledger as a significant opportunity to unlock a future of more competitive energy prices for our retailers and customers while potentially sharing clean, renewable energy to the communities surrounding our malls,” executive general manager of Vicinity Justin Mills said.
Power Ledger is an Australian renewable energy company that uses blockchain solutions for peer-to-peer (P2P) energy trading. Currently, the company is also engaged in P2P energy trading pilots in U.S., Japan, and Thailand.