New Cryptocurrency Allows Australian Homeowners to Sell Solar Power

Power Ledger, an Australian company, has introduced a cryptocurrency that will allow customers to sell the power generated from their solar rooftops to neighbours and small businesses without any middleman taking a cut, according to a local media report.

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The company's coin - POWR tokens - will be used to facilitate Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term between customers, businesses and solar farms.

This is another innovation achieved through Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term technology - the company hopes that it will help to increase the financial viability of solar rooftops, increase market efficiency and encourage more homeowners to install solar rooftops.

Australia, according to an April report in RenewEconomy, has a total solar power capacity of 6 gigawatts, of which 5.6 gigawatts come from rooftop panels on private houses and small businesses.

Though this just is a fraction of the total power usage in Australia, 21% of homes in Australia have solar panels installed - the highest rate of household installation in the world.

Jemma Green, the company’s co-founder and chair, said: “This will make solar panels more viable financially and improve efficiency in the energy market. It will also allow mum-and-dad investors who want to support renewable energy to buy small stakes in large-scale, community-owned solar projects.”