Crypto

Indian Province Trials Blockchain for P2P Solar Energy Trading

Real-world use cases for blockchain technology can be found all over the world. In India, the state of Uttar Pradesh will allow for blockchain-based solar energy trading. 

India can become a crucial region regarding the development of blockchain technology

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Peer-to-peer Trading of Solar Energy

One of the country’s newest ventures focuses on the trade of solar energy.

Two state-owned solar energy companies in the state of Uttar Pradesh will begin utilizing blockchain technology to that extent.

It is the first pilot project involving solar energy generated by state government buildings.

The first phase of this pilot project will begin in March or April of 2020.

Once the results of this solar energy trading become apparent, the involved parties will determine if it is a viable option to explore further.

Introducing the peer-to-peer trading of this energy through blockchain technology provides many benefits.

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In an ideal scenario, it will cut out the middleman altogether and lower costs.

Moreover, it can provide solar energy to those who need it, rather than letting it go to waste.

All of this is made possible with the help of PowerLedger and India Smart Grid Forum.

Regardless of this venture’s success, India will push forward where solar energy is concerned.

The government wants to install 40 Gigawatt of electricity-generating hardware in the country by 2022. 

Globally, the quest to find renewable energy sources remains in full effect.

More and more ventures focusing on solar-based options have become apparent across the Eastern and Asian region over the years.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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