Uttar Pradesh, the largest state of India by number of land and population, has become the first in the country that runs the infrastructure of trade with solar energy, operating on the blockchain.
In the pilot project will be presented to state government companies that produce electricity using solar panels. This energy will be distributed and sold to neighbouring households and offices, through the blockchain-a platform Power Ledger.
This step marks the increased focus of the Indian government to the adoption of the blockchain after such news came from neighboring China.
According to local media reports, the new initiative will be headed by two state agencies – including the Agency for the development of new and renewable energy Uttar Pradesh (UPNEDA) and the power Corporation of Uttar Pradesh (UPPCL).
The first phase of the pilot project, which should be completed by the first quarter of 2020, will include only government office building in the state capital, Lucknow. The government has already set up provisions for an adequate regulatory framework to facilitate peer-to-peer trading of solar energy. Also we will carry out detailed analysis of the first phase of the pilot project to make the necessary changes to the regulations.
For the smooth implementation of the programme, the government has already signed an agreement with the Power Ledger, the Australian blockchain-a company specialized in decentralized trading technology with renewable energy. Blockchain platform will integrate with smart meters provided by government to households with solar roofs could set prices and track the energy trade in real time.
Company India Smart Grid Forum (ISGF), an initiative of public-private partnerships, appointed by the government, will coordinate with Power Ledger for monitoring technological aspects of the new project.
CEO Binance Changban Zhao (Changpeng Zhao) recently announced the acquisition of the leading cryptocurrency exchanges in India WazirX, praised the move as “a step in the right direction.”
Assuming that all goes according to plan, India plans by 2022 to generate 40 gigawatts of solar energy using solar roof.