Powerledger has introduced the Powerledger Chain, a cutting-edge blockchain tailored for tackling the intricate issues associated with the seamless integration of renewable energies into existing power grids.
Marking a significant advancement, the Powerledger Chain represents the company’s third-generation blockchain. As an early innovator in the energy sector’s blockchain domain, Powerledger’s new offering aims to empower the creation of scalable decentralised applications. These applications are poised to efficiently process an impressive volume of transactions, reaching thousands per second, while keeping operational costs at a minimum.
“Today is the most significant day in our blockchain journey as we make our game-changer Powerledger Chain public as it offers scalability, security, and energy efficiency,” said Powerledger technical director and co-founder, John Bulich.
“It’s the ideal platform for developing green and affordable energy solutions that pave the way to a brighter future.”
The Powerledger Chain is a customised permissioned Solana blockchain utilising proof-of-history and proof-of-stake consensus mechanisms to deliver the required throughput with lower energy requirements compared with proof-of-work blockchains.
Powerledger has developed a range of solutions in the areas of energy trading and traceability, flexibility trading and environmental commodities training. These are at various stages of implementation in a dozen countries including Australia, India, the US and within Europe and Asia.
Another issue Powerledger highlights is that of centralisation, with the growing distributed energy system challenging the traditional centralised approach.
With decentralisation at its core, the public blockchain’s role in energy does not necessarily dismiss centralisation, but offers the importance of a balanced approach with the power of highly scalable blockchain-based solutions, the company states.
“The responsibility for grid management can be negotiated among stakeholders using a decentralised paradigm that uses smart contracts on our new public blockchain.”