Solar energy project Power Ledger (POWR) has successfully conducted a blockchain-based P2P energy program that proves the viability of the technology for energy distribution, according to a report published on June 18.

Called the ReNeW Nexus project, PowerLedger organized the trial in Perth, Australia, running two small solar P2P trials to test the “potential for localised two-sided electricity markets to contribute to system improvements.” The team has called the trial a success, with it being “technically feasible and desired by customers.”

Partially funded by the government of Australia, the trial was conducted in collaboration with Curtin University and saw the participation of 48 households between December 2018 and January 2020. Power Ledger Chairman Dr Jemma Green was optimistic about the potential of the technology on a wider scale, saying,

Power Ledger has demonstrated how peer-to-peer energy trading can incentivise the right outcomes for the grid in a more cost-effective way. If governments around the world are serious about incorporating renewable energy into their future energy planning then it needs to be price-competitive.

Power Ledger’s technology allows participants to trade excess energy units with other members on the grid, reducing wastage and treating renewable energy as assets. Users with solar panels or batteries to generate income from stored energy, enabling the purchasing and selling of energy in real time.

Among other highlights, the report recommended that power network operators provide better metering infrastructure to collect and communicate data to third parties, as well as a live trial of a localised energy community to be conducted in the South West Interconnected System (SWIS) to provide further insights into solar energy trading.