Uttar Pradesh has launched India and South-Asia’s first blockchain-enabled ‘peer-to-peer’ (P2P) trading platform for rooftop solar power. India Smart Grid Forum (ISGF), along with blockchain technology partner Power Ledger, Australia, and Abajyon Consulting, will execute this project.
The pilot project will demonstrate the feasibility of rooftop solar energy trading through advantageous contracts between prosumers (power-producing consumers) and their neighboring households on the blockchain platform. Power Ledger’s platform integrates the transaction data from the smart meters to enable residentials to set prices, track energy trading in real-time and enable the settlement of surplus solar energy transactions.
By using blockchain technology, participants can transfer funds, settle trades, or vote without seeking the approval of the central certifying authority. Blockchain-based technology has been gaining increasing popularity globally.
This is an exciting development - very early stages for sure but has the potential to move rooftop solar away from government policies and incentives and create a more free-market-based trading mechanism.
