Bitcoin's blockchain on its way to save on power bills
PEER-to-peer energy trading could be the answer to high power bills and give consumers control to buy and sell energy to and from their neighbours.
Blockchain energy sharing initiatives are set to transform the power landscape, according to Project Brainstorm chief executive Luciano Giangiordano, who has teamed up with Perth-based blockchain startup Power Ledger.
Power Ledger's blockchain software, which is based on the technology behind Bitcoin, allows households to trade excess solar power.
"The blockchain has an algorithm that is able to measure, in five-second increments, how much power is being generated and where it's being consumed," Mr Giangiordano said.
"If you've got solar on your roof and your neighbour doesn't have it on their roof, you can sell your solar power to your neighbour without having to go through a third party.
"It leads to savings that are usually given to the energy providers, that are captured and shared among people within that Power Ledger blockchain."
Mr Giangiordano said he had approached Bundaberg Regional Council about the blockchain.
"They already have solar on various buildings now," he said.
"At the moment, they are using and generating it on-site only.
"Whereas with Power Ledger if they need power at one site, and they have access at another, they can just transfer that over."
Bundaberg Mayor Jack Dempsey said by engaging in clean energy, the council was leading the way.
"We have invested significantly in major solar projects including Rubyanna, the Bundaberg Multiplex, three of our wastewater facilities and at the Bundaberg Airport," he said.