/Blockchain-Based P2P Solar Energy Trading a Reality in India

Blockchain-Based P2P Solar Energy Trading a Reality in India

Blockchain Based P2P Solar Energy Trading Becomes a Reality in India

  • India’s Uttar Pradesh state ties up with Australian blockchain startup Power Ledger to facilitate peer-to-peer solar energy trading

Uttar Pradesh, the largest state in India by population, has developed a blockchain-based solar energy trading infrastructure. The government buildings in Uttar Pradesh will use solar devices to generate electricity, which can then be sold to neighboring households using blockchain platform Power Ledger.

This new initiative will be led by two local bodies, namely, the Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA) and the Uttar Pradesh Power Corporation (UPPCL). The State government has already formulated a framework regulating the peer-to-peer transfer of energy as a part of the first phase. This will be followed by a detailed analysis to make the necessary amendments to the regulations to facilitate a smooth process.

Australian firm Power Ledger will facilitate transferring the decentralized power. Moreover, the company will integrate smart meters to track the real-time trading of energy and the associated pricing. The technological aspect of this project will be inspected by India Smart Grid Forum (ISGF), a public-private relationship.

This move by India brings to light the focus of its government on blockchain-based projects, considering its neighbor China’s aggressive push towards utilizing this technology. As previously reported by BitcoinNews.com, peer-to-peer energy trading is already becoming a popular idea, with many entities stimulating the same.

 

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