Australian firm Vicinity to Trial Blockchain Solution for Solar Energy Network

Vicinity, a major Australian real estate firm, recently announced its plans to trail blockchain-powered solutions for the solar energy management network, according to the company’s official press release reports from September 25.

Blockchain has received a vast imploration potential especially from the current economy, where almost every major enterprise is chaining their services with blockchain to enhance their company’s work further and cut back on the costs. It is still quite early to decide whether all the partnerships and mergers will bring a positive result from this, but it is sure that blockchain is dominating the economy and presenting new opportunities for major firms like Vicinity, to explore solutions through blockchain and gain effective outcomes in the near future.

Vicinity has powered through a partnership with Australia’s major energy company, Power Ledger. This new alliance will trial solutions through blockchain that can help in managing the solar energy network, in a project that budgets Vicinity’s $75 million investment. This project is to commence in the company’s mall Castle Plaza, which is in Adelaide, South Australia.

This new project will enable Vicinity to fare the energy distribution through blockchain technologies real-time results and the firm can decide if they want to keep consuming the solar plates or choose the alternative of servicing through the national power grid. The company hopes that if the trial goes according to the expectations, the solar energy that will gather at the shopping mall can be further distributed in nearby communities and residents so they can share the energy through the power network.

Blockchain Solution for Solar Energy Network

One of the perks of blockchain technologies alliance is the technical assistance efficiency with cut back on the costs and budgets that otherwise might result. It is exactly what Justin Mills, Vicinity’s executive general manager, claims to be the driving factor of their newfound partnership platform. Along with the budget help, through this platform, the Australian firm also expects to conserve the environment.

Power Ledger is a major Australian company working with renewable energy which utilizes blockchain solutions for conducting P2P, i.e., peer-to-peer, energy trade. Not only in the homeland, but the platform also provides the P2P energy solutions in U.S., Thailand, and Japan, according to latest press release reports. This year saw a wide range of power and energy enterprise associating with blockchain and cryptocurrency to build a cost-effective platform as well as conserve the environment with sustainable development such as solar power and other energy sources.

Justin Mills says, “We see this partnership as a significant opportunity for unlocking a future that has more competitive energy prices for customers and retailers while potentially sharing clean, renewable energy for communities surrounding our centers.”

Margi Brambhatt

Margi has done diploma in Mass Media & Journalism. She has previously worked as a freelance reporter for various famous Finance media platforms. When she is not writing or editing others reports, you can find her engulfed in reading books. She believes in reporting content which is 100% well researched. You can also mail her at [email protected] to discuss anything related to her reports.

Related Articles

Back to top button