Australian blockchain-based Power trading company, Power Ledger has decided to roll out P2P network in the second major city of Austria, Graz. The Australian startup has entered into a partnership with Austrian company E-Next, an Energie Steiermark subsidiary. Through this partnership, they will launch an energy trading platform driven by blockchain in and surrounding the Graz city.
The partnership is intended to optimize the energy distribution and also to solve the zero-carbon energy shift of the city. Through this initiative, Power Ledger will help the Graz residents to sell additional replenishable energy to their neighbors from their rooftop solar panel.
At present Power Ledger will roll out the P2P network service to ten households and will be allowing the house owners with a rooftop solar panel to sell excess energy. After the successful deployment of the initial phase, the project will be extended to more houses and the energy network of Austria.
The power trading platform of Power Ledger is already in use in several countries like United States, Japan, Australia, and Thailand. In Austria the platform of Power Ledger available to the households of Graz by E-Next, the project is entitled under Smart city project of the country.
The co-creator and administrator of Power Ledger, David Martin, has said, the company will help the Graz city in its transition towards zero-carbon energy and will give monetary incentives to the residents for using renewable energy.
He also said the partnership would break new grounds as it will be integrating the blockchain technology into the existing jurisdictive management by adopting the innovative business process.
The project will make use of the blockchain technology to maintain the anonymity of the data under the strict privacy rule of European union outlined by GDPR law.
Graz is the only city of Austria dedicated to solving some of the essential problems, including carbon-neutral and zero-emission goals within 2050. The city is also home for the blockchain hub, BlockchainHub Graz.
Mining of cryptocurrency often faces criticism because of energy consumption and carbon emission. As per research, Bitcoin mining results into carbon emission that can be compared to whole Kansas City.