All eyes are on Altcoin Power Ledger today, following the Australian government investment $8 million grant money into a project aimed at putting the use of Blockchain on a trail to see how effectively energy and water systems can be implemented, by making use of this technology.
The Australian government themselves will donate $2.57 million towards the project that will take place in the City of Fremantle, whilst various other partners will fund the remainder $5.68 million. These partners include the Murdoch University, the Curtin University, LandCorp, CISCO and the Curtin Institute of Computation, to name but a few.
The ‘Switching on Darwin’ project was the biggest recipient of the grant in Australia followed by the Power Ledger project.
The project is quite extensive and will see various academic partners take hands such as infrastructure, academic and technology. They will have a close look at how block chain technology combined with data can work together to find a solution to the current energy and water crisis.
Power Ledger is an energy trade platform where users can sell renewable energy to others and vice versa. It is based on a peer-to-peer Blockchain that hopes to alleviate the electricity crisis. The founder is Dr. Jemma Green who hails from Australia. The idea of Power Ledger came after Green found that those living in apartments (herself included) could not get renewable energy freely available. With Blockchain technology tenants can buy and sell renewable energy amongst themselves and eliminate the use of a third party for electricity supply.
This grant project forms part of the Smart Cities and Suburbs Program and will enjoy support by organisations, such as the Australian Energy Market Operator (AEMO). During the trail, which is expected to take place over the next two years, relevant systems will be installed and connected to a Blockchain in order to demonstrate or study the impact it can have on so-called smart cities.
Power Ledger’s involvement will include transaction layer for these renewable resources. The project is expected to start in the next two months.
Power Ledger is currently trading at 0.25c on leading exchanges.