Blockchain startup Power Ledger is working with Northwestern University, a Big Ten school, making it the company’s first real-world, commercial deployment in the US. Based in Perth, Australia, Power Ledger is a peer-to-peer blockchain platform for the reliable trade of renewable energy.
In the first phase of the project, Northwestern University will use Power Ledger to link four buildings on campus, including the Ford Building, allowing them to trade surplus power generated by solar panels. Power Ledger will earn a small percentage-based fee on every trade.
“We’re excited to demonstrate how the platform can assist with cutting both costs and carbon with a secure, clean energy source,” said Power Ledger managing director and co-founder David Martin.
Power Ledger’s blockchain technology allows electricity trades to happen in real time from an automated and trustless reconciliation and settlement system.
After phase one, the university plans to connect additional facilities to create a low-cost, zero-carbon electricity. Power Ledger’s system will be deployed both on-campus and between campuses without the need for additional hardware, software or subscription fees, by using pre-existing meters.
“We’re looking forward to synergizing participating graduate schools together to create opportunities on the energy smart grid sector using the Power Ledger cryptographic platform,” said Mark Werwath, Clinical Associate Professor, Director of Master of Engineering Management Program and Co-Director of Farley Center for Entrepreneurship and Innovation.
Power Ledger’s partner Clean Energy Blockchain Network, a group of energy professionals who assure successful deployment and ongoing operations and maintenance of Power Ledger in North America, is providing technical assistance.
Maintenance and technical aid are a core part of realizing Power Ledger’s mission to develop and implement sustainable smart city projects.
Implementation at Northwestern University is expected to occur in the coming months.
“Power Ledger has the ability to encourage more clean energy assets with faster paybacks via kWh trading and achieving carbon reduction targets,” said Dr. Mike Ashley, who will lead the technical assistance team.
Power Ledger launched Australia’s first ICO late last year, raising more than $34 million.
Image via Wikipedia Commons
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