Blockchain for energy? An important proposition
Power Ledger, a blockchain energy trading platform has won the prestigious 2018 Extreme Tech Challenge (XTC). The XTC finals took place on October 19th, 2018, with XTC announcing the results on the 24th.
The market for blockchain technology is estimated to grow to US $2.3 billion by 2021, a Statista report shows. Of the many interesting use cases across industries, one example is the energy industry. Benoit Laclau, the global energy leader at Ernst & Young, believes that blockchain can reshape the future of this industry. Renowned market research agencies are also predicting a bright future for blockchain in this sector. The technology is promising, but fulfilling its potential requires much work.
Blockchain technology needs to overcome numerous challenges. It’s new, therefore, key industry players have apprehensions. The crypto market’s volatility adds to these fears. Hackers frequently target centralized crypto exchanges. Blockchain networks aren’t scalable enough. Regulators haven’t been sufficiently proactive, as the flip-flop over ShipChain shows.
Good tidings are there, though. Cryptic Labs is improving the clarity over the new economic model blockchain can bring. Stablecoins are addressing the volatility, as Kowala demonstrates. Secure crypto storage is coming, which will deter hackers. Enterprise blockchains are addressing the scalability issue. Regulators are now keen to engage start-ups. Malta has taken a lead in pragmatic regulation. Governments now see the value of blockchain, as Japan has demonstrated. Key summits are bringing innovators and governments together.
Are we missing a key ingredient, though? A new technology needs those positive affirmations. Are we getting enough?
A win that matters
This is why the XTC 2018 matters. Because blockchain start-ups are navigating uncharted territories, they need small wins. Wins during the infancy of a technology ecosystem are a bit different. It’s not always those multi-million dollar deals — the positive vibes from a prestigious recognition also matter. Power Ledgers’ success in XTC 2018 carries its own significance.
Think about the industry in question. Blockchain energy trading can lower the cost of energy, but it can also do more. The supply-demand equilibrium will help the environment, as the World Economic Forum states. Start-ups working on such high-priority use cases need encouragement. One needs to view Power Ledgers’ XTC 2018 success in this context.
XTC is an important competition since the participating entrepreneurs gain visibility. They also get resources, the opportunity to scale, and knowledge. A knowledgeable panel selects the winner. This year’s panel included Sir Richard Branson. Revl, the AI video editing service and Owlet Baby Care were the other finalists.
Power Ledger is one of several blockchain start-ups making a mark in this sector. WePower is another example. They promise to significantly transform the energy landscape in Estonia.
Power Ledger, headquartered in Perth, Australia has a blockchain energy trading platform. They run an ecosystem of apps. Households can trade energy with peers and they can set their own price. Experts already hold high optimism about Power Ledger. They could hold one of the keys to solving Australia’s rising energy costs.
The recent award promises a bright future for Power Ledger and another sign that blockchain is rapidly maturing as a technology.