Vicinity, the Australian shopping center operator, has announced that it will trial a blockchain management solution for its energy network.
The Australian firm has partnered with start-up Power Ledger to bring blockchain to its Castle Plaza center. The deal is part of Vicinity’s $75 million solar program.
The solution will allow Vicinity to manage its energy use and distribution in real time. Hence, the shopping center would be able to switch between its own solar energy and the national grid.
Furthermore, Vicinity envisions a future where its shopping centers share power with nearby communities that connect to its energy network.
Executive General Manager, Shopping Centre Management, Justin Mills is optimistic about blockchain’s potential: “We see our partnership with Power Ledger as a significant opportunity to unlock a future of more competitive energy prices for our retailers and customers while potentially sharing clean, renewable energy to the communities surrounding our centers.”
Power Ledger Managing Director and Co-founder David Martin said: “Vicinity has proven to be an industry leader when it comes to renewable energy which is why the introduction of blockchain technology makes sense to its business. It’s a smart solution for Vicinity as they pioneer the new energy economy.”
This is not Power Ledger’s first partnership. It boasts deals in the US, Japan, and India.
A few other startups are targeting the same sector. For example, the Singaporean platform Electrify which is active in Asia. Deutsche Bahn, the rail operator, is one of the largest energy providers in Germany. Using a blockchain system, they provide energy to some major brand names in Germany.
