According to reports and announcements from the 18th of June, Power Ledger, which is an energy trading firm based on blockchain, is going to roll out its peer-to-peer or P2P network in Graz, the second largest city in Austria.
Power Ledger rolling out its P2P network in Graz
The company based in Austria has established a partnership with E-NEXT, which is an innovation arm of the primary energy utility of Austria, the so-called Energie Steiermark, to launch its energy trading platform powered by blockchain, in and also around Graz.
The initiative is actually an attempt to optimize the energy distribution, as well as to contribute to the transition of the city towards zero-carbon energy, according to the reports.
Being such, the technology of Power Ledger is actually expected to enable rooftop solar energy-based households in the city, to sell excess renewable energy to their neighbors, generating monetary incentives for Graz residents to utilize such energy.
Rolling out the service to 10 households in Graz
Power Ledger is also going to roll out its service to 10 households in Graz, while the project has the full potential to expand to more homes in the city, and across the overall energy network in Austria.
According to reports, the platform of Power Ledger, which is enabled by blockchain, enables anonymity of data on the energy distribution network, following the privacy policies of the EU or European Union, as it was specified in the GDPR or General Data Protection Regulation.
Graz is actually the only city in the Smart flagship project of Austria which has the intention to resolve some significant problems in the city, including meeting the zero emission and carbon neutral goals of Graz by 2050. Graz is the home to the blockchain hub of the country, called BlockchainHub Graz.
Energy trading apps under pilot testing
According to the same reports, the energy trading applications of Power Ledger, which are based on blockchain, are now under pilot testing in several sites around its home country, together with a few other countries such as Japan, the U.S., and Thailand.
Crypto mining is frequently the subject of criticism based on its environmental consequences.
Recently, some research found that carbon emissions, which were generated by mining major crypto Bitcoin or BTC, are actually comparable to the whole of Kansas City.