When Dr. Jemma Green was finishing her Ph.D. program, she noticed that throughout apartments in Australia, there was no source of renewable energy.
She then decided to attempt at solving the product herself. She opened up a newly developed energy market, that would allow people in the buildings to trade energy amongst themselves. There would be no need for any third-party energy companies anymore. For her plan to work, Jemma Green made a new type of battery operating system. The system would become the first of its kind in Australia. It would also help people trade energy on a peer-to-peer based system. She still needed to develop new software that would be able to sustain the entire process from start to finish.
Jemma’s solution was to use blockchain technology. It was this idea that sprung Power Ledger into the cryptocurrency space. The new platform is a peer-to-peer, blockchain based system where users can trade sources of renewable energy. It can also be sold to different buyers and sellers without the need of a middleman.
In case you’re not familiar with blockchain technology is and how it gives Power Ledger the ability to work towards providing more accessible energy to families, we’ll cover that now.
How Does It Work With Blockchain Technology?
Blockchain is an advanced crypto-based technology. It’s still a newly developed technology that pretty much changes the way people buy and trade and make transactions on a peer-2-peer-based platform. One of the most significant changes in blockchain technology is how it converts sales into a digital medium that functions from both commodities and currencies. One of the other important factors to note is that the entire technology works on a peer-2-peer-based system. All trading is essentially done person to person. Cryptocurrencies, therefore, like other commodities, can easily be transferred from one person to another without the need of a middleman. Thus eliminating the need for a bank, or power company to complete the transactions for you.
So, What is Power Ledger Exactly and What Does It Do?
Now, let’s talk about Power Ledger again. It’s a company that utilizes blockchain technology to give buyers and sellers the freedom to trade solar energy between each other. And they can do it all without the need of a third-party company or institution. Dr. Jemma Green is the co-founder of Power Ledger and Chair. She told the Huffington Post of Australia that the company Power Ledger was developed with two primary principals in mind – the first was to be used a peer-2-peer-based network for trading energy across different systems. The second, to be used as a peer-2-peer-based network to trade energy internally in buildings.
The real focus of the two principal arenas is to help solve any infrastructure-based issues in the energy market, where people are making choices to stay off the grid. To approach the apparently, widespread problem, they are switching from a centralized system to a newly designed, distributed energy platform. It will work on the peer-2-peer-based blockchain technology.