Power blockchain: Australia to invest $8 million in a new energy system project

The idea of distributed energy is not new, but it refreshed after distributed ledger technologies arrived on the scene. Shortly after the United Stats voiced similar plans, Australia decides to launch its own blockchain energy project. The government of the latter country decided to invest a relatively big sum of 8 million U.S. dollars in the promising energy system technological proposal, the pilot version of which will be tested in the city of Fremantle. Additional 5 million dollars will be received from private investors. As Greg Morrison, professor from the Curtin Univesity research team, notes:

"We will develop a smart metering, battery storage and blockchain trading system to allow energy and water efficiencies between critical dispersed infrastructures that would otherwise have required physical co-location."

The governmental grant is a part of a wider Smart Cities and Suburbs program. According to the post by Power Ledger, a company that participates in the project, it will start within the next two months and last two years.