Blockchain helping Fremantle residents trade solar power

Elizabeth Barry 30 November 2016

solar power using blockchain

Residents in a new affordable housing development will be able to take advantage of the technology.

A new affordable housing development in Fremantle will allow residents to trade their surplus solar power with neighbours using blockchain technology. The apartments are offered by Landcorp, a government arm in Western Australia, with the blockchain platform hosted by Perth startup Power Ledger.

Blockchain, a distributed ledger technology, involves the transfer of data using blocks, with each set of data confirmed and replicated as it moves down the chain. This allows for a secure and transparent transfer.

The introduction of blockchain technology to the power sector may present a challenge for energy retailers, as households will be able to sell their surplus power at a higher rate than they can sell to the grid.

The innovative new apartments are expected to be purchased by young people, with the three one-bedroom apartments housed in the suitably called Gen Y development, and will cost approximately $400,000 each. Each apartment has shared solar panels and a large battery.

Power Ledger handles the transfer of surplus power directly, with the platform crediting and charging occupants for the solar power they buy and sell. The startup is planning a similar blockchain-based trial in a retirement village in Southwest WA and also New Zealand.

Blockchain technology is being used in a range of industries, including hotel bookings through travel booking site Webjet and also by some of Australia's largest banks. Experiments are also taking place overseas, including in London where a blockchain payments card is in development.

Latest fintech headlines

Image: Shutterstock

Get more from finder

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.
Ask a question