PowerLedger (POWR) is a blockchain based solution that lets users transact energy, trade environmental commodities and invest in renewable energy. Founded in 2017 by Dr Jemma Green, David Martin and John Bulich, PowerLedger is one of the earliest projects to envision the application of blockchain in the energy industry.
The team has already developed a software program that lets users trade energy stored on rooftop solar panels. Any excess energy can be sold to others on the grid. The whole network reduces power consumption, wastage and incentivizes environmentally friendly behavior.
Several pilot programs have also been launched in a diverse set of areas that include Australia, Austria, Japan, Thailand and the United States. These pilot programs are testing a variety of use cases where the PowerLedger can be applied, such as the tokenization of renewable energy, trading of rooftop solar energy, tracking energy consumption habits and more. The key to this project’s growth is getting more members to join its network, and the PowerLedger team has been intensely concentrating its efforts on creating these pilot programs.
Q4 2018 and Q1 2019 has seen the team do just that, with efforts to break further into the Asian market and a few pilot programs having been set up. The team has taken the time to review the results of the pilots and it appears to be doing well as, one major pilot program has been extended. Another major partnership is with Clearway, a major American renewable energy assets company.
The remainder of 2019 and the early months of 2020 will see platform enhancements, like payment channels, and more pilot conclusions. The team is also expecting to launch “Virtual Power Plants 2.0”, an autonomous energy market.