Vicinity, an Australian real estate giant, has announced, that it is going to test the application of blockchain in its energy network.
The company has more than 42 bln USD in real estate management and it is the biggest real estate company in Australia. Now, it has partnered with an Australia-based tech giant Power Ledger. Within the developed solar energy program, which is worth 75 mln USD, the company is going to apply a new blockchain platform developed by Power Ledger.
This will allow Vicinity to manage the energy distribution in real time mode, as well as deciding if they should keep solar panels or a better solution would be to continue using the national power networks.
Power Ledger uses the blockchain technology for peer-to-peer energy trading. The company is also engaged in some pilot projects in Japan, the USA and Thailand.