Blockchain startup PowerLedger is collaborating with Northwestern University, being the company’s first commercial deployment in the US. Based in Perth, Australia, PowerLedger is a blockchain-based platform which focuses on trading renewable energy.
In the project’s initial stages, Northwestern University will utilize Power Ledger to connect four buildings on campus, as well as the Ford Building, enabling them to trade the excess energy made by solar panels. PowerLedger will receive a small percentage deduced from the fees charged 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 David Martin, PowerLedger’s managing director, and co-founder.
PowerLedger’s blockchain technology enables real-time electricity trades from a programmed and trustless understanding and settlement system.
After the first stage, the university intends on linking other campus facilities to generate low-cost, zero-carbon electrical power. Power Ledger’s structure will be set up in both on-campus and between campuses without requiring supplementary hardware, software or subscription fees, making use of prior guidelines.
“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, Co-Director of Farley Center for Entrepreneurship and Innovation, Clinical Associate Professor, and Director of Master of Engineering Management Program.
Clean Energy Blockchain Network, PowerLedger’s partner, is a consortium of energy specialists who guarantee successful deployment and continuing operations and management of Power Ledger in North America. The network will also be in responsible for providing technical assistance.
Maintenance and technical assistance are a vital component which will help PowerLedger achieve its objective to create and implement smart city projects which are sustainable.
The deployment at Northwestern University is anticipated to happen in the following 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, the leader of the technical assistance team.