Vicinity Explores Blockchain Technology In Energy Sector

Vicinity Centers (Vicinity) are eager to bring blockchain technology in the energy sector. Vicinity shopping center today declared that they are developing a trial of blockchain technology to supply energy to the neighboring communities.

Castle Plaza in South Australia will be the first center to be part of Vicinity’s $75 million industry-leading solar programs.

Vicinity is partnering with Australian energy technology company Power Ledger to trial the energy blockchain technology. It will manage the energy use and distribution constantly, switching among solar powered and national grid energy.

Justin Mills, Executive General Manager of Shopping Center Management said, “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.”

Mills says that Vicinity is one of the first companies trailing blockchain technology in the energy sector. Their integrated energy strategy will help them to continue the leadership.

Mr. Mills also added that the eventual fate of vitality is tied up with making interconnected communities, including on-site generation, Thus, peer-to-peer energy trading would also be considered as a major aspect of Vicinity’s mixed-use strategies.

As reported by Nikkei Asian Review, Thailand also brings blockchain technology to the energy sector. Electricity Generating Authority of Thailand needs time to adapt the unexpected explosion of independent power generation. To cover the cost of securing and maintaining the national grid, Energy Regulatory Commission, has proposed charges.

Power Ledger Managing Director and co-founder David Martin explains that blockchain technology proves to make sense for the business as Vicinity is the pioneer in the renewable energy sector. It’s a smart solution for Vicinity as they are the leaders of the new energy economy.

Vicinity reported that Power Ledger has also been recognized for partnerships and projects. It also has projects in Japan, the USA, and Thailand.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Vincy is a believer in technology. She produces updates on digital currency and covers the development of blockchain technology. She reaches her audiences with unique and captivating content. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy the website.

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