Bloomberg New Energy Finance named Perth-based company Power Ledger as a global leader in the development of “blockchain” technology.
The Australian start-up was named as one of the leading companies to lead the development of the technology that has the potential to “rapidly disrupt” the energy market status quo and accelerate the shift to decentralized generation.
Blockchain is the software that supports Bitcoin, one of the most popular cryptocurrencies (digital currency) in many markets and is now being used to the buying and selling of energy, among other things.
Blockchain technology works to identify the ownership of energy as it is generated and then to manage multiple trading agreements between consumers who buy excess solar off grid power systems, this means consumers can buy directly from the original owner/producer without extra charges from third-party services.
Power Ledger chair and co-founder Jemma Green said in an interview with One Step Off The Grid last August, “effectively, we’re cutting out the middle-man to save consumers, and to maximize returns for producers.
“It’s a win for the people who have been able to afford to invest in rooftop solar, but also a win for customers who haven’t: they will be able to access clean, renewable energy at effectively a ‘wholesale’ rate. Everyone wins.”
Blockchain’s potential to “rapidly disrupt traditional energy market structures” cannot be ignored even if most software and business models are currently at a proof-of-concept or trial stage of development.
The BNEF report states that “if Blockchain achieves scale, it is likely that it will be implemented in manners that support current market/regulatory trends, rather than as a disruptive technology in its own right.”
The report also notes that the secret to more rapid success for blockchain start-ups may lie in working with the energy market incumbents, rather than competing against them.