PowerLedger review: new trend of energy trading
What is PowerLedger?
PowerLedger (PL) is an Australian energy trading technology company that provides its customers with a platform where they can trade energy directly with one another without the involvement of an independent power company. This company came into existence in 2016, the year that marks as the year of great strides towards sustainable energy generation worldwide. The energy trading platform, PowerLedger is known to sell excess electricity to their neighbors in the hopes of improving the lives of people and giving them access to clean and sustainable energy. The company functions on one prime vision that is to become the sole company that leads the democratization of the global energy movement. PowerLedger, chaired by Dr. Jemma Green, spans across 20 countries yet has been in business for only around 4-5 years.
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How PowerLedger is Changing the Energy Industry?
There has been a major shift observed in the energy industry where companies are rapidly shifting from traditional energy generation mechanisms to solar power generation. The reason why this shift has occurred is due to the rising climate change and threats. People across the world have voiced their concerns over climate change and how it has grave consequences on the generations to come if we don’t start taking actions that helps promote environment-friendly goods and products. The Energy Industry based companies are doing their best at providing their customers with cost-friendly services so that their relationship with their clients is sustained in the long run. The Energy market has become very competitive as time is going by hence it has become extremely important for the energy providing companies to update their facilities according to the needs and demands of the market. Keeping this point in view, Power Ledger has shifted to the blockchain system. Initially, they made use of Ethereum, but now they rely on Solana, which is comparatively faster and energy-efficient. As mentioned earlier as well, that PowerLedger provides its clients with cost-friendly services. As the cost of virtual power grids is often volatile, thus PowerLedger does its best at keeping the grids low cost and stable. In addition to this, PowerLedger makes use of multiple track and trade features that helps their clients in being acquainted with the provenance and flow of energy. In the energy industry, the highest form of change is attributed to efficiency. If a company is able to bring in an efficient solution to a problem or is able to provide an efficient way of functioning of a task, the value of that company and its products increases. PowerLedger uses this to their advantage and thus makes use of its key features such as Peer-to-Peer Energy Trading (P2P). The P2P energy trading is a mechanism that involves a group of participants, including but not limited to generators, consumers, and prosumers. This P2P Energy trading in the case of Power Ledger makes use of its mobile app that helps players interacting on the grid to track, trace and trade energy in real-time. This mechanism helps PowerLedger to create a flexible power system that is both efficient and sustainable.
Another key feature
Another key feature by PowerLedger that has changed the way Energy Industry functions is Power Tokens. This feature allows the players of the P2P system to buy and sell energy through virtual currency. This serves as the end of the dominance of centralized generation of energy and instead promotes distributive generation where participation by building owners, small renewable energy suppliers and even the electric vehicle owners is possible. Utility companies and consumers across 20+ countries use the Power Ledger Platform. In this platform, a bond must be paid in the form of “power tokens (POWR)” and Sparkz. POWR and Sparkz are virtual energy tokens that serve the purpose of currency in the energy market. These coins/ power tokens are trades as a digital asset. The goal of these power tokens and or any other feature by PowerLedger is to ensure ease of access of consumers and long run sustainability. Thus, the POWR can even be converted into Sparkz for easy trading. In addition to this, they both can be converted into local flat currency for each given country so that buying and selling of energy is made easy and sustainable.
Global Impact and Partnerships
PowerLedger is one of the leading energy companies in the world with its clients spanning over 20 countries across all four continents. PowerLedger has long-run partnerships with technologically advanced countries, like US, Austria, Malaysia, France, and Japan. It is even operational in other Asian countries such as Thailand and India. Thus it can be stated that PowerLedger has further expanded into North America and Europe. In the US, PowerLedger works with Clearway Energy Group. This indicates that PowerLedger has a vast global outreach and has control over the Energy Industry. Amongst the different features, xGrid, TraceX and uGrid are the most spread out by PowerLedger in the aforementioned countries.
PowerLedger tends to keep up with the trends and demands of the market and hence has already widely impacted the energy industry at a global scale.
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