Australian energy retailer Origin is going to test a peer-to-peer energy trading platform based on blockchain technology.
The platform has been developed by blockchain energy market provider Power Ledger. Using anonymized and historical customer data, the technical trial aims to explore the benefits and challenges of p2p energy trading across the regulated network.
“While it’s still fairly early days for this technology, we are keen to explore the potential benefits that peer-to- peer energy trading could offer our customers. Power Ledger is one of a number of emerging technologies we’re currently exploring, which we believe could help us meet the changing needs of our customers,” Tony Lucas, Origin Executive General Manager, Future Energy, said. “We hope the trial will help us better understand the value proposition for consumers, as well as the regulatory and technical implications of the peer-to- peer trading model.”
Using blockchain technology, Power Ledger creates an immutable record of energy generation and consumption allowing consumers to buy and sell energy to and from their neighbours in a simple and autonomous manner with complete confidence. In the trial, Power Ledger will use anonymized consumer data to prove the accuracy and security of its trading platform.
“The technical trial with Origin allows us to test this new and potentially disruptive technology with one of the industry’s biggest players,” Power Ledger managing director David Martin said. “Peer-to-peer energy trading presents an opportunity to unlock enormous value for consumers, it disintermediates the energy supply model putting consumers in direct contact with other consumers.”
The announcement follows a similar effort by European utilities earlier this year. The three-month trial will begin in October.
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