Australian real estate giant Vicinity to use blockchain for new energy economy
To meet the growing demand for clean and green energy, Australian real estate firm Vicinity has announced it will trial a blockchain solution in partnership with Australian energy technology company, Power Ledger for its energy network. This was revealed by the company in a press release on Tuesday.
According to the report, the trial will begin at Castle Plaza in South Australia and will be the first center to integrate the energy blockchain technology as part of Vicinity’s $75 million industry-leading solar program.
The use of blockchain will help Vicinity to effectively use and manage its energy resources in real-time, switching between solar and national grid energy
Speaking about this latest initiative, Executive General Manager, Shopping Centre Management, Justin Mills said, “Vicinity is one of the first property companies in Australia to be trialing energy blockchain technology and we’re committed to continuing that leadership through our integrated energy strategy.”
“We see our partnership with Power Ledger as a significant opportunity to unlock a future of more competitive energy prices for our retailers and customers while potentially sharing clean, renewable energy to the communities surrounding our centers,” he added.
Mr. Mills emphasized the fact that the future of the energy sector lies in creating interconnected communities, including on-site generation and peer-to-peer energy trading would also be considered as part of Vicinity’s mixed-use strategy.
Managing Director and Co-founder of Power Ledger, David Martin expressed great optimism while sharing his thoughts. He said, “Vicinity has proven to be an industry leader when it comes to renewable energy which is why the introduction of blockchain technology makes sense to its business. It’s a smart solution for Vicinity as they pioneer the new energy economy.”
Power Ledger is an Australian renewable energy company that uses blockchain solutions for peer-to-peer (P2P) energy trading. According to the latest press release, the company is also engaged in P2P energy trading pilots in Japan, U.S., and Thailand.
Image via Shutterstock
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