Dr. Jemma Green is the co-founder and chairman of Power Ledger. Power Ledger is a four year old technology company, with 20 power projects in over nine countries, that facilitate two things - the trading of electricity and the trading of environmental commodities using blockchain technology. In this podcast we discuss with Jemma how their platform is revolutionising the power industry and how it is being used to democratise power.

 

What is blockchain?

Blockchain is a like a database that can be used in many different ways. It is a common record keeping system which creates more efficiencies in the transaction process between counterparties who in the past would have had their own record keeping system. Using a blockchain enables an entry in a ledger to contain both the payment and the physical statement of a digital asset. This reduces the settlement risk or the need to reconcile and settle payments which can be very costly for the transacting parties.

With smart contracts, which sit on the blockchain, you can also perform complex commerce transactions.

 

The Energy Industry

For the last century or so electricity markets have remained relatively unchanged. It is characterised by large power stations, typically, coal and gas fired power, bringing electricity to people's homes brought by transmission and distribution networks, the grid.

In the past 15 years, a new paradigm has begun to emerge as citizens and business have installed rooftop solar panels on their homes and office buildings. More recently, battery storage is being installed inside homes and businesses, as well as large scale solar and wind farms.

Technology can help facilitate the dispatch of electricity via virtual power plants to stabilise the grid which historically has suffered from volatile prices creating significant problems in the market. Surplus rooftop solar power can be stored in batteries, and that market mechanism, facilitated by Power Ledger’s technology, can help the grid deliver low cost, clean and resilient power.

These power technologies, along with the connectivity of blockchain to bring communities together, serves as a kind of citizen utility which provides a certain level of empowerment that has the potential to drive the next wave of innovation to democratise power.

There are numerous drivers towards the democratisation of power. For some it is about getting a better price for electricity whilst for others it is their concern regarding air quality and the potential to electrify transportation in their city.

Jemma believes that overall people are very engaged in the topic of electricity and becoming much more sophisticated in what they understand of the markets and what they expect of them.

 

Power Ledger introduction

Power Ledger is a technology company that uses blockchain to facilitate trading of electricity and environmental commodities. Their vision is leading the global democratisation of energy movement. To give people access to energy and to participate directly in energy markets and improve their lives and the lives of others. Power Ledger would like to be recognised as a major contributor to transforming energy markets and sustainability globally and positively impacting the lives of 1 billion people. That’s Power Ledger’s big ambition that makes the, want to get out of bed every morning and do what they do.

 

Power Ledger the Uber / AirBnB of electricity

Blockchain enables buyers and sellers to transact with each other directly without the need for an intermediary. In the case of electricity, households with rooftop solar panels could sell its surplus electricity to its neighbours in much th...